Turnarounds gather pace at Redhall and Kromek

THE turnaround at Redhall is gathering pace as the company doubled its order book for the year.

For the year ended 30 September 2016, directors at the group said they had increased Redhall’s manufacturing order book by 109% to £23m.

It turned over £43.8m, slightly down from £44.7m in the preceding year. It did manage to narrow its losses across the board, with operating losses down to £237,000 from a loss of £2.2m the year before.

The Government’s announcement of Hinkley Point C will be “very significant” for the group, who are submitting tenders to the project.

Martyn Everett, chairman of Redhall, commented: “I am pleased to report that Redhall has more than doubled its manufacturing order book to £23 million and has achieved an adjusted operating profit of £0.9 million in FY16.

“We are on track to create a high integrity Manufacturing business engaged in the defence, nuclear decommissioning, infrastructure and nuclear new build sectors and will focus this year on delivering further improvements in profitability and operational performance and building a robust platform for a sustainable period of growth”

Meanwhile, half-year results for Kromek, the radiation detection technology company, showed that revenue was up 19% to £3.8m.

For the six months to 31 October 2016, loss before tax was reduced by 41% to £1.8m from £3m in the same period the year before.

Dr Arnab Basu, CEO of Kromek, which has a research base in Huddersfield and head office and manufacturing facilities in Sedgefield, said: “We are pleased to report another period of strong operational progress, continuing the momentum from the previous year as we executed on the significant contracts won in all of our three markets of medical imaging, nuclear detection and security screening. We saw high growth in the number of products sold compared with the same period last year and, equally important, a number of R&D programmes have moved into full commercialisation phase.

“Looking ahead, we have entered the second half with significant visibility over revenue in excess of 85% of full year market expectations. Overall, our products continue to gain commercial traction in all of our business segments with new customers as well as deepening our relationships with existing customers.”