AGM Statement
Summary by AI BETAClose X
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
25 February 2026
IMAGE SCAN HOLDINGS PLC
("Image Scan" or the "Company")
AGM Statement
Trading in the early part of FY26 has been significantly ahead of the same period last year, supported by several notable contract wins already announced. As a result, the Company now expects to record a small loss at the half-year, reflecting stronger demand and an increased volume of activity across multiple markets compared with H1 last year.
Market activity levels are considerably higher than at the same time last year, with the sales team engaged across a wider range of tenders, demonstrations, and partner-led opportunities. Our channel network continues to strengthen and the introduction of the ThreatScan‑AS2, along with enhancements to the ThreatScan- AS1, has broadened our competitive positioning in higher specification tenders.
The announcement earlier this month of the termination for convenience of the large UK defence programme subcontracted to Image Scan via NP Aerospace was clearly disappointing.
It is important to note that the decision was not performance related and did not arise from any failing by Image Scan or NP Aerospace. We remain in discussions to reach an orderly conclusion to the termination process.
Although the defence programme had been expected to contribute materially to FY27 and FY28 revenues, the Company has entered FY26 with a strong order book, containing a number of our latest portable system, the ThreatScan-AS2.
In the industrial business, the anticipated decline in catalyst-related capital equipment sales has been partially offset by the successful introduction of a new software module giving enhanced inspection capability to the existing installed equipment across the globe. Recurring service and support contracts continue to provide a stable revenue stream and mitigate the reduced demand for new industrial systems.
Despite the removal of the large defence contract, as at 31 January 2026 the Company had a strong order book of £1.1 m (FY25 adj £0.7m) which contains a number of our latest portable system, the ThreatScan-AS2. In addition as at 31 January 2026, the Company retains a solid cash position £1.1 m (FY25 £0.7m), reflecting disciplined management and continued demand for both security and industrial solutions and services.
The Company remains focused on accelerating growth through:
· continued expansion of the ThreatScan portfolio, particularly AS2;
· increasing sales reach through our global partner network;
· introducing additional complementary products, either internally developed or factored; and
· advancing opportunities for strategic partnerships, aligned with our technical capabilities and international footprint.
Vincent Deery, Chief Executive Officer of Image Scan, commented: "We have had a much stronger start to the year compared with the same period last year, with several key contract wins and increased activity across all major markets. While the termination of the UK defence programme is disappointing, it was not performance-related, and we continue to progress discussions around its orderly conclusion.
Our strengthened order book, promising sales momentum, and continued innovation, particularly with the ThreatScan‑AS2, give us confidence as we move into the second half of the year."
For further information on the Company, please visit: www.ish.co.uk and for further information on its products, please visit: www.3dx-ray.com
-ENDS-
Image Scan Holdings plc Tel: +44 (0) 1509 817400
Vincent Deery CEO
Sarah Atwell-King, CFO & Company Secretary
Zeus - Nominated Advisor and Corporate Broker Tel: +44 (0)203 829 5000
Mike Coe/James Bavister (Investment Banking)
ABOUT IMAGE SCAN HOLDINGS PLC
About Image Scan Holdings plc
The core activity of the Group is the manufacture of portable X-ray systems for security and counter terrorism applications. The Group recently launched a cabinet X-ray machine and is replacing its Axis range of checkpoint X-ray systems with new machines developed with a partner. All these products are taken to market across the world through a strong network of international partners.
In addition, over the last seventeen years, Image Scan has developed and manufactured industrial X-ray inspection systems, the MDXi range. The primary market for these systems is in automotive emissions control where they are used for quality control inspection of catalytic converters and diesel particulate filters.
The visibility and reach of the Company's 3DX-Ray brand has been further strengthened through a new LinkedIn profile focussed on its EOD and counter-terrorism activities. This can be found at: https://www.linkedin.com/company/3dx-ray/
For further information on the Company, please visit: www.ish.co.uk - and for further information on its products, please visit: www.3dx-ray.com
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