Boundary Capital has seen the price of its shares in Image Scan Holdings plc grow by five and a half times since their initial investment three years ago due to the stellar development and growth of Image Scan.
Boundary Capital finds and appoints ‘Venturers’ who both co-invest alongside Boundary and take an active role in the development to supercharge the development and reducing the risk and costs. The Venturer in Image Scan, also their Chairman and CEO, is Bill Mawer whose experience and energy has been instrumental in completely turning the fortunes of Image Scan around. Boundary Capital Partner Dr Richard Leaver is also a board director.
Image Scan, the specialist supplier of X-ray screening systems to the security and industrial inspection markets is pleased to provide a further positive trading update for the year to 30 September 2017. This follows the previous update issued on 29 August which pointed to sales of approximately £4.5m and profit before tax of £250k.
A multi-unit portable X-ray order was placed earlier than expected and the Company accelerated the completion of units intended for delivery later in the year for another customer to satisfy this new order. Also, factory acceptance on two industrial x-ray inspection machines was completed earlier than expected. The combined effect of these changes means that the Company generated sales of approximately £5.0m and subject to any audit adjustments, expects to report profit before tax of approximately £450k in FY17. The order book at 30 September 2017 was £2.1m.
Dan Somers, Managing Partner of Boundary Capital says: “We’ve been delighted on behalf of our investors to support Image Scan and Bill’s achievements in completely turning the business around. His skill and industry experience exemplify the core values of our Venturer model”.