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Image Scan Holdings – full-year results, jam now being delivered?

By Steve Moore | Tuesday 6 December 2016

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

X-ray imaging for the security and industrial inspection markets-focused Image Scan Holdings (IGE) has announced results for its year ended 30th September 2016 – and the shares are currently slightly higher to 6.5p.

The results show a £0.66 million swing to a £0.11 million profit on revenue not far off doubled to £3.3 million – and, after particularly a £0.44 million net working capital inflow, cash (net) increased by £0.59 million to £1.05 million. Net current assets were £0.11 million higher at £0.72 million and net (tangible) assets £0.12 million higher to £0.74 million.

The announcement noted “improving gross margin… driven by sales of higher margin, newly developed products and supply chain and manufacturing efficiencies” and that “the outstanding order book at the end of the period was £1.7m (2015: £0.7m)… the outlook for the company remains strong in all its major markets and opportunities for further expansion continue to be explored”.

Credit to Chairman and Chief Executive Bill Mawer – who does indeed appear to be leading a turnaround in financial performance here.

The market cap is currently just over £8 million and, though the noted trading momentum means I can understand a small, speculative buy at this juncture, I’ll continue to monitor for the company growing more into such a valuation with the shares on the watchlist.

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