Image Scan Holdings PLC (GB:IGE)
LSE:IGE
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Image Scan Holdings
(LSE:IGE)
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Rating:51Neutral
Price Target:
2.00 p
▼(-4.76% Downside)
Action:Reiterated
Date:05/01/26
The score is held back primarily by weak financial performance (declining revenue, negative profitability, and worsening free cash flow). Technicals provide partial support with the price above major moving averages and a positive MACD, but valuation remains pressured due to a negative P/E and no provided dividend yield.
Positive Factors
Niche security imaging market
Image Scan operates in a specialized, defence-and-security focused niche supplying X-ray screening to prisons and secure facilities. That specialization creates durable demand from regulated institutional customers, higher switching costs, and procurement cycles that support long-term revenue visibility.
Negative Factors
Declining revenue and negative operating margins
A large revenue decline coupled with negative EBIT/EBITDA margins signals structural demand shortfall or pricing and cost issues. Sustained top-line weakness and operating losses undermine reinvestment capacity and make margin recovery harder without structural changes.
Read all positive and negative factors
Positive Factors
Negative Factors
Niche security imaging market
Image Scan operates in a specialized, defence-and-security focused niche supplying X-ray screening to prisons and secure facilities. That specialization creates durable demand from regulated institutional customers, higher switching costs, and procurement cycles that support long-term revenue visibility.
Read all positive factors
Image Scan Holdings (IGE) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£3.01M
Dividend YieldN/A
Average Volume (3M)70.58K
Price to Earnings (P/E)14.4
Beta (1Y)-0.03
Revenue Growth20.42%
EPS GrowthN/A
CountryUK
Employees17
SectorIndustrials
Sector Strength72
IndustrySecurity & Protection Services
Share Statistics
EPS (TTM)<0.01
Shares Outstanding136,854,580
10 Day Avg. Volume41,598
30 Day Avg. Volume70,584
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.34
Price to Sales (P/S)1.18
P/FCF Ratio6.19
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Image Scan Holdings Business Overview & Revenue Model
Company Description
Image Scan Holdings Plc, established in 1995 and headquartered in Barrow-upon-Soar, United Kingdom, specializes in the development and global distribution of advanced X-ray imaging systems. The company primarily targets security and counter-terror...
How the Company Makes Money
Image Scan Holdings makes money primarily by selling X-ray screening equipment and associated solutions to institutional and commercial customers. Key revenue streams include: (1) product sales of X-ray screening systems (including body/parcel/oth...
Image Scan Holdings Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
60
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.59M | 1.62M | 2.86M | 2.96M | 2.00M | 2.87M |
| Gross Profit | 1.42M | 946.33K | 1.51M | 1.44M | 1.08M | 1.51M |
| EBITDA | 331.94K | -172.06K | 322.35K | 209.35K | -268.24K | 259.43K |
| Net Income | 208.98K | -288.02K | 207.01K | 123.94K | -271.52K | 239.90K |
Balance Sheet | ||||||
| Total Assets | 2.41M | 2.32M | 2.69M | 2.42M | 2.42M | 2.68M |
| Cash, Cash Equivalents and Short-Term Investments | 995.00K | 1.13M | 911.47K | 958.47K | 689.54K | 1.19M |
| Total Debt | 23.00K | 93.86K | 155.66K | 164.31K | 201.75K | 232.95K |
| Total Liabilities | 900.00K | 886.23K | 973.30K | 910.62K | 1.03M | 1.03M |
| Stockholders Equity | 1.51M | 1.43M | 1.72M | 1.51M | 1.39M | 1.65M |
Cash Flow | ||||||
| Free Cash Flow | 515.75K | 309.75K | -13.85K | 305.28K | -469.25K | -127.11K |
| Operating Cash Flow | 515.75K | 309.75K | 61.39K | 429.57K | -290.05K | 2.36K |
| Investing Cash Flow | 14.12K | -42.88K | -64.51K | -117.65K | -179.21K | -129.47K |
| Financing Cash Flow | -47.38K | -47.38K | -43.88K | -43.00K | -27.63K | -95.96K |
Image Scan Holdings Technical Analysis
Positive
2.10
Price Trends
1.65
Positive
1.64
Positive
1.64
Positive
Market Momentum
0.06
Negative
91.18
Negative
53.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:IGE, the sentiment is Positive. The current price of 2.1 is above the 20-day moving average (MA) of 1.76, above the 50-day MA of 1.65, and above the 200-day MA of 1.64, indicating a bullish trend. The MACD of 0.06 indicates Negative momentum. The RSI at 91.18 is Negative, neither overbought nor oversold. The STOCH value of 53.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:IGE.
Image Scan Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | £33.54M | 9.60 | 8.48% | 2.09% | 22.02% | 15.56% | |
69 Neutral | £10.84M | 10.56 | 7.90% | ― | 10.08% | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | £9.29M | 14.02 | 4.23% | 3.20% | 10.89% | 9.05% | |
57 Neutral | £5.77M | -13.75 | -8.19% | ― | 24.39% | 65.82% | |
51 Neutral | £3.01M | 14.41 | -21.12% | ― | 20.42% | ― | |
42 Neutral | £3.24M | -0.44 | -76.54% | ― | -21.55% | 10.59% |
* Industrials Sector Average
GB:IGE
Image Scan Holdings
2.20
0.80
57.14%
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Image Scan Holdings Corporate Events
Business Operations and StrategyFinancial Disclosures
Image Scan wins European defence deal for ThreatScan X-ray systems
Positive
Jun 5, 2026
Image Scan Holdings has secured a contract from a European government defence organisation, winning a competitive international tender to supply 25 ThreatScan portable X-ray systems for Explosive Ordnance Disposal operations. Most of the associate...
Business Operations and StrategyFinancial Disclosures
Image Scan swings back to profit as X-ray demand recovers
Positive
Apr 30, 2026
Image Scan Holdings reported a sharp rebound in trading for the six months to 31 March 2026, with revenue rising to £1.32m from £350,000 a year earlier as markets normalised and demand strengthened across its international partner networ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.