July 14, 2026
Image Plus Consultants Limited (IPCL)
Unaudited financials for the first quarter ended May 31, 2026:
Image Plus Consultants Limited (IPCL) for the first quarter ended May 31, 2026, reported a 32% increase in Revenue totalling $351.93 million compared to $267.43 million in the corresponding three months last year. Management noted that the increase was supported by the acquisition of The Woman’s Place in FY2026 and Island Radiology during the first quarter, which together contributed $45.70 million, or 54% of the revenue increase.
Direct Costs amounted to $126.18 million (2025: $93.82 million), representing an increase of 34% year over year. Consequently, Gross Profit increased by 30% to $225.75 million compared to $173.61 million for the first quarter ended May 31, 2025. The gross profit margin remained relatively stable at 64.1%, compared to 64.9% in the prior year.
Administrative Expenses increased by 26% to $153.56 million from $122.33 million in 2025, while Depreciation and Amortisation increased by 10% to $30.36 million from $27.56 million. Other Expense amounted to nil, compared to $74,500 in the prior year. As a result, Operating Profit increased by 77% to $41.84 million, compared to $23.63 million reported in 2025.
Foreign Exchange Gain amounted to $125,606, compared to $574,489 in the prior year. Finance Income increased to $207,136 from $72,319, while Finance Costs decreased by 11% to $9.39 million from $10.56 million.
Profit Before Tax for the first quarter ended May 31, 2026, amounted to $32.78 million, representing a 139% increase from $13.73 million reported in 2025. Consequently, Net Profit for the three months amounted to $32.78 million, representing a 139% increase from $13.73 million in the corresponding period last year.
Earnings Per Share for the three months amounted to $0.03 compared to $0.01 in 2025. The twelve-month trailing EPS was approximately $0.05, and the number of shares used in these calculations was 1,239,449,680.
Notably, IPCL’s stock price closed the trading period on July 13, 2026, at $0.74. Using the twelve-month trailing EPS of approximately $0.055, this represents a P/E ratio of approximately 13.54x.
Balance Sheet Highlights
The company’s Total Assets amounted to $2.09 billion at May 31, 2026, representing a 36% increase from $1.54 billion in 2025. The increase was mainly driven by the recognition of Intangible Assets of $454.50 million and Contract Assets of $554.33 million, compared to nil in the prior year. Management noted that the increase in total assets was driven principally by the recognition of additional non-current assets associated with the acquisition of Island Radiology.
Shareholders’ Equity increased to $1.14 billion from $1.10 billion in 2025, representing a book value per share of approximately $0.92, compared to $0.88 in the prior year.
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