Image Scan Holdings plc AIM:IGE
- Incorporated
- United Kingdom
- Chief executive
- Vince Deery
- Employees
- 15
- Reports in
- GBP
- Companies House
- 03062983
Read straight from the annual reports
3.4p at close on 7 Oct 2026 · 11 reported years, 2015–2025
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GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
11 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
Image Scan Holdings, which makes portable X-ray scanners for bomb disposal teams and industrial X-ray systems for checking car exhaust parts, saw revenue fall 43.5% to £1.6m in the year to 30 September 2025, from £2.9m. It swung from a profit before tax of £208k to a loss of £288k. The report blames uncertainty over US tariffs, which delayed government buying decisions in the first half of the year, and supply delays that stopped key contracts being completed. Sales of industrial equipment linked to petrol and diesel engines also fell, though income from service contracts held up. The share of each sale kept as gross profit rose to 58%, but running costs fell only slightly as sales dropped. Cash rose to £1.1m from £911k. The company has no borrowings, raised no money from shareholders and is paying no dividend for the year. Management expects much better results in FY26, pointing to a larger order book of £4.67m, though progress on a major UK defence contract has been much slower than expected. The auditor gave a clean opinion and found no serious doubt about the company's ability to keep trading.
Original equipment sales of portable ThreatScan X-ray systems to security/counter-terrorism customers (police, military, bomb disposal)
Original equipment revenue £1,060,719 of £1,617,718 total; core activity is manufacture of portable X-ray systems for security and counter-terrorism applications
page 2Industrial X-ray systems for automotive catalytic converter/diesel particulate filter quality control, plus recurring service/software contracts on installed base
Industrial revenues provided stronger-than-anticipated results, as the strength of recurring income from service and software contracts mitigated decline in the catalyst-related business
page 5Enhanced sales pricing strategies, favourable product mix, effective cost management with suppliers
Gross margin increased to 58% (2024: 53%), one of the highest on record; key drivers included enhanced sales pricing strategies, favourable product mix, and effective cost management across the business particularly with suppliers
page 7Reduced overheads via cost control and contract review
A small reduction in overheads was achieved, reflecting focus on cost control; particular focus on reviewing annual contracts to ensure they deliver value for money
page 7£125k credit: Reversal of impairment on intercompany loan to subsidiary (Company only, non-cash)
page 47With 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... strongly reinforces our confidence in our ability to deliver substantial growth and a much-improved performance in FY26.
page 4Directors' report states there were no significant post balance sheet events since the year end that would affect the Group's results; however narrative sections (Chairman's statement, CEO report) separately reference encouraging post-year-end contract awards and order book strengthening
page 15Directors adopted the going concern basis based on Board-approved trading and cash flow forecasts to September 2027 anticipating a return to profitable trading; a reverse stress test indicated a 93.9% reduction in forecast FY26 bookings could be absorbed before cash resources exhausted within 12 months. Auditor (Dains Audit Limited) gave an unqualified/unmodified opinion that the financial statements give a true and fair view, with key audit matters on intangible assets carrying value, revenue recognition, recoverability of intercompany balances, and going concern; auditor's own going concern work found no material uncertainty.
page 14- Shareholder concentration: Rise Step International Development Ltd holds 23% of the stock, meaning its support is likely required to pass a special resolutionp.11
- Revenue pattern: order intake is irregular as product or payment terms may vary per contract, creating challenges for supply chain management, resource scheduling and cash flowp.11
- Competitive market: the portable X-ray market is competitive with multiple players and competing technologiesp.11
- Market changes: decline in the combustion engine will impact industrial equipment salesp.11
Read from C000652-AR-2025-ch.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 13 Dec 2026