Image Scan posts first-half loss, shares plummet

Image Scan, a X-ray imaging company, said its first-half was hurt by delayed availability of a replacement portable x-ray generator, which will result in a loss of £380,000.

The news drove the group's shares lower by 23% on Monday.

The company added that it does not expect any sales for its SVXI vehicle inspection system due to changes in a key customer's budget priorities.

Image Scan reported sales of £860,000 with an improved gross margin of 36%.

Despite admitting that order intake has been "slow", chairman and chief executive Bill Mawer remained upbeat.

"Initial responses from customers have been positive and we look forward to strong uptake as our sales team start demonstrating and trialling these systems around the world.

"I look forward to further recovery in the company's order intake in the second half of the financial year," he added.

Shares fell 23.16% to 1.83p on Monday at 15:49.