- Image Scan, an X-ray screening systems provider, said Wednesday sales fell short of management expectations at the end of the first half due to contract delays with international government customers.

Revenue were, however, expected to recover during the second half.

'Government procurement processes are lengthy and not always predictable in their timing and sales intake is running behind management expectations for the half year,' the company said. But with customer decisions due on 'several significant projects, the level of activity is expected to increase in the second half and the Company expects to achieve market expectations for the full year.' The company said it would refocus efforts on an organic growth plan after shareholders showed a lack of support for acquisitions. The plan had been developed with the short-term goal of returning the company's performance to the level achieved in 2017 and to develop a sustainable platform for long term growth, the company said. 'This plan is driven by new initiatives to expand both the Company's product range and its market access.' 'We are now moving forward rapidly with our recovery plan with the short-term aim to drive strong organic growth, diversifying our sources of revenue to deliver sustainable performance improvement and renew shareholder and investor confidence to the point where growth by acquisition can again be contemplated,' said Image Scan's Chairman and Chief Executive, Bill Mawer.

At 8:06am: [LON:IGE] Image Scan Holdings PLC share price was -0.35p at 1.95p

Story provided by