October 15, 2026
Image Plus Consultants Limited (IPCL)
Unaudited financials for the six months ended August 31, 2026:
Image Plus Consultants Limited (IPCL) for the six months ended August 31, 2026 reported a 51% increase in Revenue totalling $794.06 million compared to $526.12 million in the corresponding period last year. Revenue for the second quarter increased by 71% to $442.13 million compared to $258.70 million for the comparable quarter of 2025. Management noted that the second quarter was the first full quarter to include the operations of Island Radiology Limited, with growth generated from both the legacy and acquired portfolios.
Direct Costs amounted to $286.54 million (2025: $176.26 million), representing an increase of 63% year over year. Consequently, Gross Profit increased by 45% to $507.52 million compared to $349.86 million for the six months ended August 31, 2025. Gross Profit for the second quarter increased by 60% to $281.77 million compared to $176.26 million reported for the corresponding quarter of 2025.
Administrative Expenses increased by 41% to $353.95 million from $250.81 million in 2025, while Depreciation and Amortisation increased by 23% to $68.93 million from $55.90 million. Other Expenses increased by 36% to $200,000 from $146,998. Management noted that the enlarged operations following the Island Radiology acquisition contributed to the increase in expenses, while the second quarter also included approximately $15.6 million in one-time acquisition and growth-related expenses.
Operating Profit for the six months ended August 31, 2026 amounted to $84.44 million, representing a 96% increase from $43.00 million reported in 2025. For the second quarter, Operating Profit increased by 120% to $42.69 million compared to $19.37 million in the corresponding quarter of 2025.
Foreign Exchange Gain declined to $230,280 from $731,741 in 2025, while Finance Income increased to $401,589 from $139,210. Finance Costs increased by 23% to $25.62 million compared to $20.78 million in the prior year, mainly reflecting interest associated with the acquisition financing. Consequently, Net Finance Costs amounted to approximately $24.99 million compared to $19.91 million in 2025.
Profit Before Tax for the six months ended August 31, 2026 amounted to $59.45 million, representing a 157% increase from $23.09 million reported in 2025. For the second quarter, Profit Before Tax increased by 186% to $26.75 million compared to $9.37 million in the corresponding quarter of 2025.
Net Profit, being Total Comprehensive Income for the six months, amounted to $59.45 million, representing a 157% increase from $23.09 million reported in 2025. For the second quarter, Net Profit increased by 186% to $26.75 million compared to $9.37 million in the corresponding quarter of 2025.
Consequently, Earnings Per Share for the six months amounted to $0.05 compared to $0.02 in 2025, while Earnings Per Share for the second quarter amounted to $0.02 compared to $0.01 for the corresponding quarter of 2025. The twelve-month trailing EPS was approximately $0.07, and the number of shares used in these calculations was 1,239,449,680.
Notably, IPCL’s stock price closed the trading period on October 14, 2026 at $1.87. Using the twelve-month trailing EPS of approximately $0.069, this represents a P/E ratio of approximately 27.26x.
Balance Sheet Highlights
The company’s Total Assets amounted to $2.23 billion at August 31, 2026, representing a 46% increase from $1.52 billion in 2025. The increase was mainly driven by the Island Radiology acquisition and the recognition of several new asset balances. Contract Assets amounted to $554.33 million compared to nil in the prior year, while Intangible Assets increased to $343.91 million from nil and Goodwill of $181.69 million was recognised during the period.
Shareholders’ Equity increased to $1.17 billion from $1.11 billion in 2025, representing a book value per share of approximately $0.94 compared to $0.89 in the prior year.
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