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ISH ISH – Jan 2008 © Image Scan Holdings plc, 2008 1 Image Scan Holdings plc Advanced X-ray Imaging Solutions FY 2007Preliminary Results FY 2007 Preliminary Results
ISH ISH – Jan 2008 © Image Scan Holdings plc, 2008 2 Financial Results Profit and loss account Year ended 30 September Profit and loss account Year ended 30 September 2004200520062007 Sales (£000)4248431,4221,541 Gross margin (%)44%47%50%46% Overheads (£000) 1,4481,1161,2201,522 Profit/(loss) (£000) (1,210)(692)(470)(761) EPS (pence)(6.3)(2.7)(1.3)(1.9)
ISH ISH – Jan 2008 © Image Scan Holdings plc, 2008 3 Financial Results Balance Sheet 30 th September Balance Sheet 30 th September 2004200520062007 FYFYFYFY 2004200520062007 FYFYFYFY (£000)(£000)(£000)(£000) Fixed assets211174190111 Net cash(5)137(36)1,531 Net current assets/(liabilities) (103)162(111)1,796 Total net assets/(liabilities) 75315(143)1,877 Accumulated losses(4,001)(4,693)(5,164)(5,925)
ISH ISH – Jan 2008 © Image Scan Holdings plc, 2008 4 Financial Results Sales at £1.5m with disappointing order intake in H2 Sales at £1.5m with disappointing order intake in H2 Slow take-up of the TPXi system Slow take-up of the TPXi system Reduced margins caused by customer-led delays in commissioning JM contract and development of 2 nd generation MDXi system Reduced margins caused by customer-led delays in commissioning JM contract and development of 2 nd generation MDXi system Increased headcount to address H1 contract requirements Increased headcount to address H1 contract requirements Write-off of formerly capitalised R&D and IPR Write-off of formerly capitalised R&D and IPR Bank balance currently stands at £1.3 million Bank balance currently stands at £1.3 million
ISH ISH – Jan 2008 © Image Scan Holdings plc, 2008 5 Changes Appointed new Chairman – Gilbert Chalk Appointed new Chairman – Gilbert Chalk Appointed new NED – Jerry Horwood Appointed new NED – Jerry Horwood Refocus of sales team with appointment of new sales & marketing manager – Vince Deery Refocus of sales team with appointment of new sales & marketing manager – Vince Deery Reduction in headcount of 7 staff, net annualised saving of £330k Reduction in headcount of 7 staff, net annualised saving of £330k Shift to a more commercially-aware workforce Shift to a more commercially-aware workforce Appointment of an Operations Manager Appointment of an Operations Manager
ISH ISH – Jan 2008 © Image Scan Holdings plc, 2008 6 Overview AXIS-3D – order for 4 units for the Beijing Olympics AXIS-3D – order for 4 units for the Beijing Olympics TPXi – recent order for further units from BTP TPXi – recent order for further units from BTP TPXi – sales of 15 in FY07 and 14 in Q1 FY08 TPXi – sales of 15 in FY07 and 14 in Q1 FY08 TPXi – Distributor, ICM, has strong rising sales trend but orders are still lumpy and not easily predictable TPXi – Distributor, ICM, has strong rising sales trend but orders are still lumpy and not easily predictable Security
ISH ISH – Jan 2008 © Image Scan Holdings plc, 2008 7 TPXi in Taiwan
ISH ISH – Jan 2008 © Image Scan Holdings plc, 2008 8 Overview Poor order intake in H2 2007 Poor order intake in H2 2007 British Nuclear Group contract to complete March 2008 with £400k revenue due in FY08 British Nuclear Group contract to complete March 2008 with £400k revenue due in FY08 Johnson Matthey installation delayed until February by customer Johnson Matthey installation delayed until February by customer £110k of recurring revenue from maintenance contracts, plus spares £110k of recurring revenue from maintenance contracts, plus spares On-going sales opportunities arising from the catalytic converter market On-going sales opportunities arising from the catalytic converter market Industrial
ISH ISH – Jan 2008 © Image Scan Holdings plc, 2008 9 Growing the Company On track to achieve profitability through organic growth On track to achieve profitability through organic growth Scope to advance the process through add-on acquisitions Scope to advance the process through add-on acquisitions Reviewing strategic options Reviewing strategic options
ISH ISH – Jan 2008 © Image Scan Holdings plc, 2008 10 Prospects Aiming to achieve recurring sales from standard products – TPXi being of particular importance Aiming to achieve recurring sales from standard products – TPXi being of particular importance Opportunity to capitalise on long term prospects for security products in China Opportunity to capitalise on long term prospects for security products in China Principal focus of the new sales manager is to build up the industrial pipeline Principal focus of the new sales manager is to build up the industrial pipeline 2009 target to achieve profits of 10% on sales 2009 target to achieve profits of 10% on sales
ISH ISH – Jan 2008 © Image Scan Holdings plc, 2008 11 Important Notice These presentation materials (the Presentation Materials) are being supplied to you for information purposes only in connection with the proposed placing of ordinary shares (the Placing) by Image Scan Holdings plc (the Company). These Presentation Materials have been prepared by and are the sole responsibility of the Company. The Directors of the Company have taken all reasonable care to ensure that the facts stated herein are true to the best of their knowledge, information and belief. These Presentation Materials are for distribution on request in or from the UK only to persons falling within the exemptions to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ("Financial Promotion Order") or to persons to whom it may otherwise lawfully be communicated in particular to persons falling within the following articles: Investment Professionals as defined in article 19(5), High Net Worth Companies as defined in article 49(2) and Certified Sophisticated Investors as defined in article 50(1) (together Relevant Persons). In order to qualify as a Certified Sophisticated Investor you must have a current certificate signed by a person authorised by the Financial Services Authority to the effect that you are sufficiently knowledgeable to understand the risks associated with this particular type of investment and you must have signed within the last 12 months a statement in the terms set out in article 50(1)(b) of the Financial Promotion Order. The ordinary shares are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the ordinary shares will be engaged in only with, Relevant Persons. Any person who is not a Relevant Person should not rely on this document nor take any action upon it, but should return it immediately to Seymour Pierce Limited. These Presentation Materials do not constitute, or form part of, a prospectus relating to the Company, nor do they constitute or contain any invitation or offer to any person to underwrite, subscribe for, otherwise acquire, or dispose of any shares in the Company or advise persons to do so in any jurisdiction, nor shall it, or any part of it, form the basis of or be relied on in any connection with any contract. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this document or on its completeness and no liability whatsoever is accepted for any loss howsoever arising from any use of this document or its contents otherwise in connection therewith. Recipients of this document who are considering a purchase of ordinary shares in the Placing are reminded that any such purchase should be made solely on the basis of information which has been publicly announced by or on behalf of the Company to a Regulatory Information Service (as defined in the AIM Rules for Companies) prior to or on the date of these Presentation Materials, or which is contained in the placing letter in connection with the Placing or the press release published by the Company in respect of the Placing. This document does not constitute a recommendation regarding the shares of the Company. Prospective investors are encouraged to obtain separate and independent verification of information and opinions contained in the Presentation Materials as part of their own due diligence. By accepting these Presentation Materials, the Recipient agrees to keep permanently confidential the information contained herein or sent herewith or made available in connection with further enquiries. It is a condition of the issue of these Presentation Materials that they will not be reproduced, copied or circulated to any third party, in whole or in part, without the express prior consent of the Directors of the Company and Seymour Pierce Limited. Without prejudice to the foregoing, neither the Company, nor its advisers nor its representatives accept liability whatsoever for any loss howsoever arising, directly or indirectly, from use of this document or its contents or otherwise arising in connection therewith. The distribution of these Presentation Materials in other jurisdictions may be restricted by law and persons into whose possession these Presentation Materials come should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdictions. These Presentation Materials are not for distribution outside the United Kingdom and, in particular, they or any copy of them should not be distributed, directly or indirectly, by any means (including electronic transmission) either to persons with addresses in Canada, Australia, Japan, the Republic of South Africa or the Republic of Ireland, or to persons with an address in the United States, its territories or possessions or to any citizens, nationals or residents thereof, or to any corporation, partnership or other entity created or organised under the laws thereof. Any such distribution could result in a violation of Canadian, Australian, Japanese, South African, Irish or United States law. Some statements contained in these Presentation Materials or in documents referred to therein are or may be forward-looking statements. Actual results may differ from those expressed in such statements, depending on a variety of factors. Past performance of the Company or its shares cannot be relied on as a guide to future performance. Any forward-looking information contained in these Presentation Materials has been prepared on the basis of a number of assumptions which may prove to be incorrect, and accordingly, actual results may vary. Seymour Pierce Limited, which is regulated in the United Kingdom by the Financial Services Authority, is acting solely for the Company and nobody else in connection with the Placing and will not be responsible to any person other than the Company for providing the protections afforded to its customers or for providing advice in relation to the Placing. 11
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