Image Scan Holdings PLC

What Image Scan Holdings PLC does

Image Scan Holdings PLC is a UK-based holding company, AIM-listed since 2002 (ticker: IGE), operating through its wholly-owned trading subsidiary 3DX-RAY Ltd, which it has owned since the 1996 management buyout. The company designs, manufactures, and supplies real-time X-ray imaging systems serving two principal end-markets: security screening (explosive ordnance disposal, counter-terrorism, law enforcement, transport and mail security) and industrial inspection (automotive emissions catalyst inspection and lithium-ion battery manufacturing quality control). Products include portable units (ThreatScan-AS1 and AS1(ISC), FlatScan), baggage systems (AXIS), vehicle scanners (SVXi), industrial imaging (MDXi, DEX HRS), mail screening (MailScan), and the 3DX-100 handheld Raman chemical identifier. Underlying proprietary technology comprises the DeepFocus™ contrast-enhancement algorithm, Zeff materials discrimination using atomic-number analysis, and dual-energy X-ray (DEXA) imaging.

The business generates revenue primarily through direct sales to government, defence, and law enforcement agencies, supplemented by international distribution agreements; named end-users include Brazilian State Military Police, British Transport Police, Indian law enforcement, a European Government Defence Organisation, Boston Power, Gamma TSE, and a major automotive emissions-control manufacturer. Image Scan employs approximately 30 staff, is ISO 9001:2015 and Cyber Essentials certified, and sells into more than 30 countries. Distribution partnerships include Berkana (Brazil, covering six states) and NP Aerospace (UK MoD and allied defence channels). FY25 revenue was approximately £1.6M against a £4.7M order book as of September 2025, with cash reserves of £1.1M.

Operationally the model is project-driven and lumpy: revenue recognition is tied to acceptance of low-volume, high-value hardware systems, producing significant year-to-year volatility as illustrated by the ~45% revenue decline from FY24 to FY25. Forward momentum depends on converting the rebuilt order book into FY26 deliveries while managing a constrained cash position and the transition to a broader product line that now extends beyond X-ray into Raman-based chemical detection.

Name

Image Scan Holdings PLC

Legal name

Image Scan Holdings plc

Website

https://ish.co.uk

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

1–10 employees

Short description

Image Scan Holdings PLC (AIM: IGE) is a UK holding company whose subsidiary 3DX-RAY Ltd designs and manufactures real-time X-ray imaging systems for security screening (EOD, law enforcement, transport) and industrial inspection (batteries, automotive), serving defence and commercial customers in 30+ countries.

Ownership category

akta.pro rank

Product category

Security X-ray Screening Equipment

NAICS

Irradiation Apparatus Manufacturing (334517), Navigational, Measuring, Electromedical, and Control Instruments Manufacturing (3345)

SIC

X-Ray Apparatus & Tubes & Related Irradiation Apparatus (3844), Laboratory Analytical Instruments (3826)

akta.pro industry

PRIMARYIMALAOAH

Inspection, Checkweighing & Detection Systems (Vision, Metal, X-ray)

Industrials, Manufacturing & Construction/Packaging & Containers/Packaging Machinery and Equipment

Keywords

• X-ray security screening
• Portable bomb detection
• Industrial X-ray inspection
• Explosive ordnance disposal
• Non-destructive testing equipment

Headquarters

HQ city

Barrow-upon-Soar, Loughborough

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Security X-ray Systems Sales: Sale of portable, rapid deployment, and static X-ray security screening systems to government and private security organisations worldwide
2. Industrial X-ray Inspection Systems: Sale of MDXi range for non-destructive industrial inspection including in-line production systems, batch systems, and laboratory systems for inspecting concealed features and components
3. Support Services: Aftermarket support, training, upgrades, and evaluations for installed base of X-ray systems

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Image Scan Holdings plc designs, manufactures, and sells real-time X-ray screening and inspection systems for two primary markets: security (portable, rapid-deployment, and static systems used by police, military, bomb disposal teams, prisons, ports, airports, and mail rooms) and industrial non-destructive testing (systems for inspecting catalytic converters, diesel particulate filters, batteries, and other concealed components). The company operates globally through its 3DX-RAY Ltd subsidiary, selling the ThreatScan, AXIS, SVXi, MDXi, MailScan, FlatScan, and 3DX-100 product families to government agencies, defence organisations, and industrial manufacturers across more than 30 countries.

Differentiator

Problem solved

Functional benefit

Brands

• ThreatScan: Range of portable bomb and suspect package detection X-ray systems including ThreatScan-AS1(ISC), ThreatScan-LS1, ThreatScan-LS3, ThreatScan-LSC, and ThreatScan-Lite
• AXIS
• SVXi
• MDXi
• MailScan
• FlatScan
• 3DX-100 Indicator

Quantifiable outcome

• Trials with US Transport Security Administration showed greater than 10% improvement in probability of detection using 3D X-ray imaging technology
• +2 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability4 records

Feature7 records

Partnerships

Four partnerships are on record, tiered core.

• NP AerospacecoreStrategic or Co-development Partner · 7 September 2023Partnership with leading armour manufacturer and vehicle integrator for demonstration and deployment of ThreatScan®-AS1(ISC) systems. Companies share commitment to product excellence and customer service, collaborating on various defence and security projects including joint demonstrations at DSEi.
• Berkana Tecnologia em SegurançacoreChannel Partner/ Reseller/ Distributor · 7 March 2023Brazilian partner distributing 3DX-Ray systems to State Military Police EOD teams. Since 2020, relationship has grown with systems now supplied to six Brazilian states including Bahia, Pará, Paraíba, Rondônia, Santa Catarina and São Paulo.
• British Transport PolicecoreStrategic or Co-development Partner · 1 January 2008Collaborative development of mobile X-ray system for rail network security based on the FlatScan TPXi portable digital X-ray system. Partnership resulted in deployment of portable baggage scanners on London Underground, making London the first city to protect rail commuters with airport-baggage scanner style technology.
• International Distribution PartnerscoreChannel Partner/ Reseller/ DistributorStrong network of international partners operating across Asia, Middle East, Europe, Latin America and Indian subcontinent for distribution of X-ray security systems to government and law enforcement customers.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• YXLON International (COMET Group): Industrial X-ray and CT inspection systems provider for non-destructive testing in automotive, aerospace, electronics and additive manufacturing - direct competitor in industrial NDT/X-ray inspection where Image Scan's MDXi range operates.
• VOTI Detection: Security X-ray screening company focused on 3D perspective imaging for baggage and parcel inspection - direct competitor in mid-tier security X-ray market with overlapping customer base in transport and government security.
• Rigaku: Provider of X-ray analytical and industrial inspection equipment including XRF, XRD and NDT systems - comparable to Image Scan in industrial X-ray inspection markets with broader analytical instrument portfolio.
• Varex Imaging: Independent X-ray imaging component and system provider serving medical, industrial and security markets - directly comparable to Image Scan's MDXi and DEX HRS industrial NDT product lines through X-ray sources, detectors and inspection subsystems.
• Astrophysics Inc. Specialist in X-ray inspection systems for cargo, vehicles, ports and borders with mobile and fixed deployment options - directly comparable to Image Scan's portable ThreatScan and SVXi vehicle inspection systems for security applications.

Broad incumbents

• Rapiscan Systems (OSI Systems): Major security inspection systems provider offering X-ray baggage, cargo and vehicle screening as well as industrial NDT systems - direct overlap with Image Scan's ThreatScan, AXIS and SVXi product lines, but with global installed base and broader portfolio.
• Smiths Detection: Global leader in security screening systems including X-ray, CT and trace detection for aviation, transport, defense and ports - competes with Image Scan across the security X-ray portfolio but at vastly greater scale and broader product breadth.
• Nuctech: Chinese security inspection provider with extensive X-ray, CT and AI-enabled screening portfolio for airports, ports, borders and customs - competes with Image Scan particularly in government and customs tenders in emerging markets.
• Teledyne FLIR Defense: Major provider of detection and imaging solutions including threat detection, CBRNE and security screening - overlaps with Image Scan in defense and security X-ray applications, particularly EOD, with broader thermal/sensor portfolio.

Emerging players

• Metrix NDT: Niche non-destructive testing equipment provider focused on portable and laboratory X-ray inspection solutions - emerging player with overlapping portable X-ray inspection offering comparable to Image Scan's MDXi range.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/3DXRAYLtd
• YouTubeyoutube.com/channel/UCZ4Y90YBDLfyBnC71PEWijw
• LinkedInlinkedin.com/company/image-scan-holdings-plc

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Image Scan Holdings PLC