X-ray imaging specialist Image Scan has slashed annual losses 77 per cent to £60,000 and raised £3 million at 15p.

Melton Mowbray-based Image Scan, a ‘world leader’ in three and two-dimensional x-ray imaging for internal security and industrial inspection, lifted turnover 50 per cent to £1.1 million in the year to March. The AIM-quoted company, whose customers include British Nuclear Group, metals concern Johnson Matthey and British Transport Police, ended its financial year with an order book increased threefold to £945,000.

Chaired by Peter Woods with Nicholas Fox as chief executive officer, Image Scan, whose products include a 3D baggage inspection system and a portable suspect baggage inspection system for bomb disposal experts, increased research and development spending by £97,000 to £188,000. Broker Seymour Pierce has handled the placing, at a 24 per cent discount to today’s market price, which, says Woods, will ‘provide the necessary resources and working capital to optimise the opportunities we have created and accelerate future growth’.

Floated five years ago at 65p, Image Scan shares fell all the way to 7.75p in 2005 and are now 19.5p, down 6.5p today, and valuing the company at £6.8 million. With profitability now within hail, that could prove a shade grudging.