IGE

Image Scan Holdings PLC

Technology First-pass screen £2.60m

320/1000 Overall fit

AI beneficiary 35% 20

Operating leverage 25% 38

Valuation 25% 30

Downside protection 15% 50

First-pass take

Non-AI hardware supplier to cyclical military/security procurement. FY25 revenue down 45% to £1.6m with pre-tax loss £0.3m; order intake collapsed 71% to £1.9m. Positive: 58% gross margin, strong £1.13m net cash, order book £4.67m. Risks: government customer concentration, supply chain delays, acknowledged global uncertainty impact.

Flags

loss-makingcyclicalcustomer-concentrationno-valuation-datasupply-chain-constrained