‘Milestone’ year at radiation detection firm as revenues jump to £14.5m
Listed radiation detection technology company, Kromek, which has its research base in Huddersfield, has reported a 23% revenue rise – now nearing £15m in annual sales.
Reporting on the year ended April 30 2019, Kromek said that its revenues increased 23% from £11.8m in 2018 to £14.5m in 2019. The firm also narrowed pre-tax losses to £1.3m from £2.5m in the previous year.
The firm has increased its cash levels £20.6m (30 April 2018: £9.5m) – following a successful fundraising of £21m during the second half of the year
Kromek said it had been a milestone year with growth driven by SPECT products in medical imaging and D3S platform in nuclear detection.
The firm increased commercial traction across its product families with the award of high-value, multi-year contracts from commercial and large government customers worldwide, giving greater visibility.
It also successfully commenced operations from new high-volume manufacturing facility in US following relocation to purpose-built premises in Pittsburgh to cater for increased demand in medical imaging.
Kromek said the £21m undraise in second half enables the Group to significantly expand future capacity and efficiencies in US and UK manufacturing.
Dr Arnab Basu, CEO of Kromek, said: “This was a milestone year for Kromek as we delivered on all of our objectives, including our key target of growing adjusted EBITDA. We made progress across our business segments as we continued to execute on previously-signed agreements as well as win new, multi-year contracts from commercial and large government customers worldwide. We significantly strengthened the foundations of our business with the successful relocation of our US operations to a new purpose-built facility, and raised £21m to enhance our UK and US manufacturing capabilities and to support expansion in our key growth areas of SPECT in medical imaging and our D3S products in nuclear detection.
“Looking ahead, we entered the 2019/20 fiscal year in a stronger position than ever before. With the increasing market adoption of customers’ next-generation products that incorporate our radiation detection solutions, we are receiving increasing demand from existing customers as well as interest from potential customers – and we are well-placed to capitalise on these opportunities. The momentum of new contract wins has continued, providing us with greater visibility over revenue. As a result, we are confident of delivering growth for full year 2019/20, in line with market expectations, and continue to look to the future with confidence.“
