Strong year for radiation detection company as it delivers positive earnings for first time
A radiation detection technology company with a Huddersfield research base has said 2018 has been a “milestone year” for the company as revenue growth from a ramp-up in commercial activities has enabled the business to deliver positive EBITDA for the first time.
For the year to the end of April, Kromek saw revenue increase 32% to £11.8m (2016/17: £9m) while EBITDA came in at £500,000, up from a £1.5m loss the year before.
The group narrowed its loss before tax to £2.5m from £3.8m.
Kromek said the growth was due to continued delivery on previously-signed agreements as well as the delivery on new high-value contracts won during the year.
The company’s medical imaging detection systems significantly advance the early identification of disease, such as cancer, dementia and osteoporosis, by producing superior quality and higher resolution colour digital images from its SPECT cameras.
Kromak also has a nuclear detection division and a security screening division.
Dr Arnab Basu, CEO of Kromek, said: “I am very pleased to report that Kromek had another good year of delivering revenue growth and developing our customer base who continue to launch next generation products incorporating our advanced radiation detectors. We also achieved one of our key targets for the year by becoming EBITDA positive for the first time in our history. This is an important milestone towards cash flow breakeven and pre-tax profits.
“Looking ahead, the momentum of the 2017/18 financial year has been sustained into the current financial year as Kromek’s products continue to gain traction in all of our target markets from the increasing adoption of CZT-based technology and other products. We continue to win new customers and, together with executing on previously-won contracts, Kromek expects to deliver growth across its business segments and to report continued revenue growth for 2018/19 in line with market expectations.”
