Final Results

Image Scan Holdings PLC

02 December 2025

 

 IMAGE SCAN HOLDINGS PLC

("Image Scan" or the "Company")

Final Results for the Year Ended 30 September 2025

Image Scan (AIM: IGE), the specialist supplier of X-ray screening systems to the security and industrial inspection markets, today announces final results for the year ended 30 September 2025.

HIGHLIGHTS

Resilient Performance Against Global Uncertainty - Strong Second-Half Performance, Robust Margins, Strong Cash Position, Strengthened Order Book, and Optimistic Outlook

FINANCIAL HEADLINES

·    Order intake £1.9m (2024: £6.6m)

·    Sales £1.6m (2024: £2.9m)

·    Gross profit margin 58% (2024:53%)

·    Administrative expenses £1.2m (2024: £1.3m)

·    Pre-tax loss £0.3m (2024: profit £0.2m)

·    Year-end order book £4.67m (2024: £4.47m)

·    Year-end cash balance £1.13m (2024: £0.91m)

Image Scan's Chief Executive, Vince Deery, commented: 

FY25 was a year of contrasts for Image Scan. The first half was marked by global uncertainty and delayed procurement decisions, which impacted our revenues and resulted in a loss for the year. However, I am proud of how the team responded-demonstrating resilience, discipline, and a relentless focus on operational efficiency. 

The second half saw a clear turnaround, with improved activity levels, a return to profitable trading, and a robust closing order book. Our cash position is strong, and we continue to invest in product innovation and strategic partnerships to drive future growth.

With a healthy pipeline and recent contract wins, we enter FY26 with renewed confidence. I would like to thank our employees, partners, and shareholders for their ongoing support as we build on this momentum and look forward to delivering improved performance in the year ahead.

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: [phone]

Vincent Deery CEO

Sarah Atwell-King, CFO & Company Secretary

Zeus - Nominated Advisor and Corporate Broker                      Tel: [phone]

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

CHAIRMAN'S STATEMENT

Overview

For the year ended 30 September 2025 (the "Year"), the Group generated revenues of £1.6m (2024: £2.9m), and a loss before tax of £0.3m (2024: profit £0.2m). FY25 was a year of contrasts. The first half presented significant challenges, driven by global uncertainty surrounding the new U.S. administration and tariff policies. This hesitation rippled across markets, delaying government spending and procurement decisions worldwide. Despite these headwinds, the team demonstrated resilience and discipline, maintaining tight cost control and operational efficiency. Group cash balances closed at £1.13m (2024: £0.91m), reinforcing our financial strength.

The second half of the year marked a clear turnaround. Activity levels improved, profitability strengthened, and we closed the year with renewed momentum. Our commitment to innovation and market responsiveness remains steadfast, and we continue to invest in product development and strategic partnerships to secure long-term growth.

Outlook

With a strengthened order book, a healthy cash position of £1.13 million, and continued, focused investment in product development, we stand on a solid operational and financial foundation. The continuing success of our flagship ThreatScan portable x-ray platform, coupled with encouraging post-year-end contract awards and a robust pipeline, strongly reinforces our confidence in our ability to deliver substantial growth and a much-improved performance in FY26.

Leveraging the collective expertise of our team, and with determination and agility, the Board remains confident in the Group's medium to long-term prospects. We are fully committed to capitalising on the significant operational momentum built in the latter part of the year, which is further reinforced by the subsequent substantial orders notified post year-end. Alongside this, we are actively pursuing focused strategic and organic initiatives that will underpin our future growth trajectory.

Tim Jackson

CHAIRMAN

CEO REPORT

BUSINESS REVIEW

FY25 began under the shadow of persistent global economic uncertainty. Concerns around U.S. trade policy and tariffs created hesitation among government organisations, which resulted in delayed procurement cycles across our key international markets. As an exporter, with around 90% of our products going overseas, this environment was particularly challenging, with delays evident across the Middle East, Southeast Asia, and Europe,

Throughout the difficult trading conditions in the first half of the year, the Group maintained strict cost discipline and organisational efficiency. Our strategy was focused on proactive engagement and sustaining competitiveness through ongoing product development. This decisive action resulted in a marked improvement in demand and profitability in the second half of the year.

Continued, focused investment ensured that our flagship ThreatScan® platform gained further traction, reinforcing our competitive position in international tenders and deliveries to over twenty territories.

We were pleased to announce two significant contract awards in August 25 which materially strengthened our order book. The first was for a new customer in North America for our industrial MDXi-400 system a notable achievement given the maturity of this market. The second was for our latest portable ThreatScan® system for an Eastern European military organisation. Additionally, we progressed deliveries of a double-digit quantity of ThreatScan® systems to a Southeast Asian customer. It must be noted, however, that supply chain lead times prevented the completion of key contracts, which limited overall revenue.

Our sales team maintained excellent market visibility through participation in key trade shows and Counter Explosive Ordnance conventions. These efforts generated new opportunities and supported robust performance in several geographies, with Europe and Asia delivering particularly strong results, and India returning to growth.

Our operational discipline is reflected in our strengthened financial position: our cash position improved significantly during the year, reaching £1.13m at year-end (FY24: £0.91m), a testament to disciplined financial management and active working capital control.

Industrial revenues provided stronger-than-anticipated results, as the strength of our recurring income from service and software contracts successfully mitigated the anticipated decline and structural changes in the catalyst-related business, underscoring the Group's adaptability.

We continue to seek clarity on the timing of a major UK defence contract. While progress has been significantly slower than expected, recent developments have been positive, though timelines remain dictated by government processes.

OUTLOOK

We enter FY26 with renewed confidence following a strong second-half performance and a significantly strengthened order book. Market activity levels remain high post-year end, reinforced by recent contract awards, providing a robust order book and a solid foundation for sustained success.

We also note that progress on the large UK defence contract has been slower than anticipated. While we are seeing recent positive developments, timelines remain dictated by the pace of government departments, and we continue to work closely with all stakeholders to advance this important opportunity.

Continued investment in product development, particularly the ThreatScan® platform, positions us well to maintain competitiveness and access new opportunities. We are committed to reinforcing our global channel network, prioritising engagement at trade shows and industry events, and actively exploring strategic alliances, and partnerships, to accelerate future success and enhance long-term shareholder value. While geopolitical uncertainties remain, the current momentum and high activity levels give us optimism for the year ahead.

Vincent Deery

CHIEF EXECUTIVE OFFICER

CFO REPORT

KEY PERFORMANCE INDICATORS

	2025	2024	2023	2022	2021
Order intake	£1.9m	£6.6m	£2.9m	£2.2m	£2.8m
Turnover	£1.6m	£2.9m	£3.0m	£2.0m	£2.9m
Gross profit margin	58%	53%	48%	54%	53%
Profit/(loss) before tax	(£0.3m)	£0.2m	£0.1m	(£0.4m)	£0.2m
Cash balance	£1,131k	£911k	£958k	£690k	£1,186k
Inventory Balance	£374k	£393k	£349k	£629k	£393k

FINANCIAL RESULTS

FY25 was a difficult year for Image Scan, delivering a pre-tax loss of £288k after two successive years of profit. The stronger second half performance indicate FY25 was an unusual year largely due the impact of global uncertainty leading to governments delaying spends. Notably, our gross margin increased to 58%, the highest on record for the Group. The improved closing bank balances along with the strong order book and underlying opportunity pipeline provides forward looking metrics which give confidence for FY26.

Sarah Atwell King

CHIEF FINANCIAL OFFICER

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 30 September 2025

	Note			2025 £	2024 £
REVENUE				1,617,718	2,860,776
Cost of sales				(671,393)	(1,348,975)
Gross profit				946,325	1,511,801
Administrative expenses				(1,238,253)	(1,313,730)
Other operating income				-	3,474
OPERATING (LOSS)/PROFIT				(291,928)	201,545
Finance income				7,888	10,736
Interest payable and similar charges				(3,984)	(4,514)
(LOSS)/PROFIT BEFORE TAXATION				(288,024)	207,767
Taxation				-	(756)
(LOSS)/PROFIT AND TOTAL COMPREHENSIVE INCOME FOR THE YEAR FROM CONTINUING OPERATIONS ATTRIBUTABLE TO THE EQUITY OWNERS OF THE PARENT COMPANY				(288,024)	207,011
				Pence	Pence
Earnings per share
Basic	2			(0.21)	0.15
Diluted				(0.21)	0.15

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 September 2025

				2025 £	2024 £
NON-CURRENT ASSETS
Intangible assets				309,733	333,249
Property, plant and equipment				-	-
Right of use asset				79,893	143,873
				389,626	477,122
CURRENT ASSETS
Inventories				374,176	392,643
Trade and other receivables				422,164	910,775
Cash and cash equivalents				1,130,955	911,468
				1,927,295	2,214,886
TOTAL ASSETS				2,316,921	2,692,008
CURRENT LIABILITIES
Trade and other payables				776,852	792,167
Lease liability				48,467	53,158
Warranty provision				15,522	25,473
				840,841	870,798
NON-CURRENT LIABILITIES
Lease liability				45,392	102,498
				45,392	102,498
NET ASSETS				1,430,688	1,718,712
EQUITY
Share capital				1,368,546	1,368,546
Share premium account				8,332,910	8,332,910
Profit and loss account				(8,270,768)	(7,982,744)
TOTAL EQUITY ATTRIBUTABLE TO SHAREHOLDERS				1,430,688	1,718,712

STATEMENT OF CHANGES IN EQUITY

For the year ended 30 September 2025

CONSOLIDATED		Share capital £	Share premium £	Profit and loss account £	Total £
As at 1 October 2023		1,368,546	8,332,910	(8,189,755)	1,511,701
Profit for the year and total comprehensive income for the year		-	-	207,011	207,011
As at 30 September 2024		1,368,546	8,332,910	(7,982,744)	1,718,712
Loss for the year and total comprehensive income for the year		-	-	(288,024)	(288,024)
As at 30 September 2025		1,368,546	8,332,910	(8,270,768)	1,430,688

CONSOLIDATED CASH FLOW STATEMENT

Year ended 30 September 2025

			2025 £	2024 £
Cash flows from operating activities
Operating (loss)/profit			(291,928)	201,545
Adjustments for:
Amortisation of intangible assets			66,394	62,350
Depreciation			-	7,199
Amortisation of right of use asset			45,584	40,524
Research and development expenditure credit			-	(3,474)
Increase/(decrease) in impairment of inventories			31,838	(9,280)
Increase in inventories			(13,371)	(34,610)
Decrease/(increase) in trade and other receivables			488,611	(300,627)
Decrease/(increase) in trade and other payables			(15,315)	79,712
Decrease in warranty provisions			(9,951)	(8,385)
Cash generated from operating activities			301,862	34,954
Corporation tax received			-	26,440
Net cash flows generated from operating activities			301,862	61,394
Cash flows from investing activities
Interest received			7,888	10,736
Purchase of intangibles			(42,878)	(74,642)
Purchase of property, plant and equipment			-	(600)
Net cash used in investing activities			(34,990)	(64,506)
CASH FLOWS FROM FINANCING ACTIVITIES
Lease payments (capital and interest)			(47,385)	(43,885)
Net cash used in financing activities			(47,385)	(43,885)
Net INCREASE(DECREASE) in cash and cash equivalents			219,487	(46,997)
Cash and cash equivalents at beginning of year			911,468	958,465
Cash and cash equivalents at end of year			1,130,955	911,468

Notes to this statement

1. Basis of preparation

While the financial information included in this annual financial results announcement has been prepared in accordance with the recognition and measurement principles of UK adopted international accounting standards, this announcement does not contain sufficient information to comply therewith.

The financial information set out above does not constitute the Group's statutory accounts for the years ended 30 September 2025 or 30 September 2024 but is derived from those accounts. Statutory accounts for 2024 have been delivered to the Registrar of Companies, and those for 2025 will be delivered following the Company's Annual General Meeting. The auditors have reported on those accounts; their reports were unqualified and did not contain statements under Section 498 of the Companies Act 2006.

2.    Earnings per share

The diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue on the assumption of conversion of dilutive potential ordinary shares.  The Company's dilutive potential ordinary shares are shares issued under the Company's Enterprise Management Incentive ('EMI') scheme and options issued under the Company's Unapproved scheme. Where the Company is reporting losses, the impact of share options is considered anti-dilutive.  Where the Company is reporting profits, share options could potentially dilute basic earnings per share in the future but are only included in the calculation of diluted earnings per share when the exercise price of the share options is below the average share price in the year.

				2025 £	2024 £
(Loss)/profit for the year				(288,024)	207,011
Weighted average number of ordinary shares in issue				136,854,577	136,854,577
Number of diluted shares				136,854,577	136,854,577
Basic (loss)/profit per share				(0.21p)	0.15p
Diluted (loss)/profit per share				(0.21p)	0.15p

 

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