Momentum picks up for radiation detection specialist
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Listed radiation detection business, Kromek, says it is well-placed to capitalise on the opportunities across its business.
In a trading update issued today ahead of announcing its results for the year ended 30 April 2021, the Huddersfield-based company says it entered the second half of 2020/21 with an extensive commercial pipeline and increased activity and that this momentum continued throughout the period as it delivered on previously awarded contracts and won new orders.
It adds that as a result, the group achieved significant sequential revenue growth in H2 over H1 2020/21 and expects to report revenue and EBITDA for the year ended 30 April 2021 in line with market expectations.
The group states it saw “progress” across all of its business units, with Kromek’s customers in the Medical Imaging segment increasingly rolling out their next-generation products, based on the group’s technology, such as the group’s OEM customer that previously awarded a medical imaging contract expected to be worth up to $58.1m/£41.2m.
Within the Nuclear Security segment, the business also saw new orders from government customers for D3S-related technologies. This includes a contract extension from the its European-government related company customer, working with a European government, to detect and protect against potential nuclear threats.
The group also added a US government agency as a customer for its D3S-ID product, received repeat orders from a US government customer for its CZT detectors for nuclear security applications, and received orders from the European Commission’s Directorate-General for Migration and Home Affairs for the Group’s D3S Drone radiation detectors.
During the second half of the year, the group began piloting its airborne Covid-19 detection solution at an airport and at another public place. As a result the business says it is excited about the potential for its new market segment of Biological Threat Detection.