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:ReiteratedDate: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 market position in security X‑ray systems
Specialized focus on X‑ray screening for prisons and secure facilities creates durable, mission‑critical demand from institutional buyers. Procurement cycles and regulatory-driven replacements produce multi-month to multi-year revenue visibility and raise barriers to entry for generalist competitors.
Negative Factors
Falling revenue and negative operating margins
A large revenue decline combined with negative EBIT and EBITDA margins suggests structural weakness in demand, pricing, or cost control. Persistent negative operating margins indicate the business cannot currently cover fixed costs, requiring sustained revenue recovery or cost restructuring to restore profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Niche market position in security X‑ray systems
Specialized focus on X‑ray screening for prisons and secure facilities creates durable, mission‑critical demand from institutional buyers. Procurement cycles and regulatory-driven replacements produce multi-month to multi-year revenue visibility and raise barriers to entry for generalist competitors.
Read all positive factors
Image Scan Holdings (IGE) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£2.60M
Dividend YieldN/A
Average Volume (3M)70.58K
Price to Earnings (P/E)―
Beta (1Y)-0.08
Revenue Growth-43.45%
EPS Growth-240.00%
CountryUK
Employees17
SectorIndustrials
Sector Strength72
IndustrySecurity & Protection Services
Share Statistics
EPS (TTM)N/A
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 manufactures and sells portable X-ray systems for security and counter terrorism applications in the United Kingdom, Europe, the Middle East, Africa, Asia, and the Americas. Its security products include portable systems, s...
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 | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.62M | 2.86M | 2.96M | 2.00M | 2.87M |
| Gross Profit | 946.33K | 1.51M | 1.44M | 1.08M | 1.51M |
| EBITDA | -172.06K | 322.35K | 209.35K | -268.24K | 259.43K |
| Net Income | -288.02K | 207.01K | 123.94K | -271.52K | 239.90K |
Balance Sheet | |||||
| Total Assets | 2.32M | 2.69M | 2.42M | 2.42M | 2.68M |
| Cash, Cash Equivalents and Short-Term Investments | 1.13M | 911.47K | 958.47K | 689.54K | 1.19M |
| Total Debt | 93.86K | 155.66K | 164.31K | 201.75K | 232.95K |
| Total Liabilities | 886.23K | 973.30K | 910.62K | 1.03M | 1.03M |
| Stockholders Equity | 1.43M | 1.72M | 1.51M | 1.39M | 1.65M |
Cash Flow | |||||
| Free Cash Flow | 309.75K | -13.85K | 305.28K | -469.25K | -127.11K |
| Operating Cash Flow | 309.75K | 61.39K | 429.57K | -290.05K | 2.36K |
| Investing Cash Flow | -42.88K | -64.51K | -117.65K | -179.21K | -129.47K |
| Financing Cash Flow | -47.38K | -43.88K | -43.00K | -27.63K | -95.96K |
Image Scan Holdings Technical Analysis
Positive
2.10
Price Trends
1.50
Positive
1.74
Negative
1.60
Negative
Market Momentum
0.01
Negative
57.83
Neutral
62.50
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 1.49, above the 50-day MA of 1.50, and above the 200-day MA of 1.60, indicating a neutral trend. The MACD of 0.01 indicates Negative momentum. The RSI at 57.83 is Neutral, neither overbought nor oversold. The STOCH value of 62.50 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 | £33.96M | 12.60 | 8.48% | 2.09% | 22.02% | 15.56% | |
69 Neutral | £8.95M | -38.26 | 7.90% | ― | 10.08% | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | £9.29M | 13.62 | 4.23% | 3.20% | 10.89% | 9.05% | |
57 Neutral | £6.37M | -15.33 | -8.19% | ― | 24.39% | 65.82% | |
51 Neutral | £2.60M | ― | -21.12% | ― | -43.45% | -240.00% | |
42 Neutral | £3.46M | -0.42 | -76.54% | ― | -21.55% | 10.59% |
* Industrials Sector Average
GB:IGE
Image Scan Holdings
1.90
0.05
2.70%
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50.00%
GB:SNX
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202.50
-132.96
-39.64%
Image Scan Holdings Corporate Events
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...
Business Operations and StrategyShareholder Meetings
Image Scan shareholders back all AGM resolutions
Positive
Feb 25, 2026
Image Scan Holdings said all resolutions at its latest annual general meeting were passed on a shareholder poll, confirming continued shareholder support for the company’s strategic direction. The outcome provides stability as the group roll...
Business Operations and StrategyFinancial Disclosures
Image Scan trading surges despite loss of major defence contract
Positive
Feb 25, 2026
Image Scan Holdings has reported that trading in the early part of FY26 is significantly ahead of the prior year, driven by several contract wins, higher market activity and the successful rollout of its new ThreatScan-AS2 portable X-ray system. D...
Business Operations and StrategyFinancial Disclosures
Image Scan Hit by Termination of Key Defence X-Ray Contract but Says Balance Sheet Remains Robust
Negative
Feb 2, 2026
Image Scan Holdings has been informed by defence contractor NP Aerospace that a major military customer has exercised its right to terminate, for convenience, the prime contract under which Image Scan was to supply ThreatScan portable X-ray system...
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.