Half-year Results

Image Scan, (AIM: IGE), the specialist supplier of X-ray screening systems to the security and industrial inspection markets, today announces its interim results for the six months ended 31 March 2026.

Image Scan Holdings plc Tel: +44 (0) 1509 817400

Vincent Deery CEO

Sarah Atwell-King, CFO & Company Secretary

Zeus - Nominated Advisor and Corporate Broker Tel: +44 (0)203 829 5000

Mike Coe/James Bavister (Investment Banking)

Chief Executive Officer's statement

Introduction

Image Scan Holdings plc is a specialist in innovative X-ray technology, operating globally in the security and industrial inspection sectors. The Company's principal activity is the design, manufacture, and supply of both portable and fixed X-ray security screening systems to governments, security organisations and law enforcement agencies. The Company also supplies high-quality screening systems used in the manufacture of catalytic converters and diesel particulate filters.

Financial results

Revenue for the period was £1,321k (H1 2025: £350k). Gross profit increased from £205k to £679k despite the % margin decreasing due to the change in product mix.

Operating expenses were £608k (H1 2025: £630k), reflecting the benefit of cost control measures initiated in FY25.

The increase in sales to more typical historic levels, which along with the controlled costs, led to a pre-tax profit of £75k in H1 2026 (H1 2025: pre-tax loss off £422k).

The Company finished H1 2026 with an order book up 44% to £1,265k (H1 2025: £879k[1]).

At the period end, the Company had a cash balance up 86% to £955k (H1 2025: £512k) and no debt.

Review of the period

During the first half of FY26, the Group delivered a markedly improved financial performance compared with the same period last year, reflecting a return to more normalised trading conditions and the successful conversion of opportunities developed during FY25.

The stabilisation in market conditions and improved customer confidence during H1 FY26 has been notable. Revenue for the period was largely driven by higher activity levels across the business, evidenced by increased order flow through the Group's international partner network.

The Company announced in February that the UK defence programme subcontracted via NP Aerospace (the "NPA contract") which had already been subject to delays had been terminated for convenience by the end customer. While extremely disappointing it did not arise from any failure by NP Aerospace or Image Scan to meet contractual obligations and was not performance‑related. The Company continues to work constructively with NP Aerospace to draw the matter to an orderly conclusion).

Pleasingly, order book, excluding the NPA contract, has improved and reflects a strengthening pipeline of opportunities across the security and defence markets, with growing traction for higher‑specification solutions within the ThreatScan AS range.

During the period, the Company was actively involved in a number of international exhibitions and end‑user demonstrations across multiple regions. These activities have supported increased market engagement with standard quote activity up by over 40% reinforces a more positive outlook for the year as a whole, subject to contract timing.

Cash and cost discipline remained a priority throughout the period and is evidenced by the Group's period‑end cash position and return to pre‑tax profitability

Outlook

The Company enters the second half of FY26 in a stronger position than at the same point last year, supported by improved trading momentum, a solid order book and an opportunity pipeline across multiple geographies.

While geopolitical and macroeconomic uncertainty remains elevated and continues to influence customer behaviour and procurement timing, current activity levels across the Group's core markets are materially higher than those experienced during FY25. The Board remains encouraged by increasing engagement in higher‑value tenders, ongoing partner‑led demonstrations and the strengthening of the Group's product offering.

The Board remains focused on disciplined execution, margin management and selective investment to support sustainable growth. While the full-year outcome remains dependent on the timing and delivery of second-half orders, the Board believes the operational and commercial progress achieved in H1 provides a credible basis for a significantly improved full‑year outcome compared with FY25.

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Vince Deery

Chief Executive Officer

Consolidated income statement

For the six months ended 31 March 2026

Notes to the unaudited interim financial statements

For the six months ended 31 March 2026

1 Basis of preparation

The interim financial statements, which are unaudited, have been prepared on the basis of the accounting policies expected to apply for the financial year to 30 September 2026 and in accordance with recognition and measurement principles of International Financial Reporting Standards ('IFRSs') as adopted by the United Kingdom. The accounting policies applied in the preparation of these interim financial statements are consistent with those used in the financial statements for the year ended 30 September 2025.

The interim financial statements do not include all of the information required for full annual financial statements and do not comply with all the disclosures in IAS 34 'Interim financial reporting'. Accordingly, whilst the interim statements have been prepared in accordance with IFRSs, they cannot be construed as being in full compliance with IFRSs.

The financial information for the year ended 30 September 2025 does not constitute the full statutory accounts for that period. The annual report and financial statements for the year ended 30 September 2025 have been filed with the Registrar of Companies. The independent auditor's report on the report and financial statements for the year ended 30 September 2025 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under Section 498(2) or 498(3) of the Companies Act 2006.

2 Going concern

The interim financial information has been prepared on a going concern basis, which assumes that the Company will have adequate resources to continue in operational existence for the foreseeable future.

3 Earnings per share ('EPS')

Basic earnings per ordinary share is based on the loss on ordinary activities before taxation of £75k (H1 2025 loss £422k) and on 136,854,577 ordinary shares in issue throughout the period.

Diluted profit per share is calculated by adjusting the weighted average number of ordinary shares in issue on the assumption of conversion of dilutive potential ordinary shares, based on the share price at the end of the period. The Company's dilutive potential ordinary shares are shares issued under the Company's Enterprise Management Incentive ('EMI') scheme and options issued under the Company's Unapproved scheme.

[1] Excluding the NPA contract