Detection tech company gains commercial traction as revenues rise

Radiation and bio-detection technology business, Kromek, has enjoyed strong revenue growth in its final results for the year ended 30 April 2022.

The Huddersfield-based company’s revenues rose by 16% to £12.1m (2021: £10.4m) while its pre-tax losses reduced to £6.1m (2021: £6.3m loss). Adjusted EBITDA loss reduced to £1.2m (2021: £1.7m loss).

Dr Arnab Basu, CEO, said: We are pleased to report a year of good progress as we delivered on existing contracts and development programmes in both the advanced imaging and CBRN detection segments.

“Our revenues grew by 16% compared to the previous year as we saw increased commercial traction, particularly in the CBRN segment, and ended the year in a better position than we began it. 

“Looking ahead, we entered the new financial year with a higher order book than the previous year and the highest level of revenue visibility in our history.

“The current geopolitical environment is driving greater interest from government agencies for our CBRN family of products. For FY 2023 we anticipate substantial year-on-year revenue growth and we look forward to the future with increased confidence.”

Kromek says it has seen significant momentum in the nuclear security sector, with the winning of new and repeat orders and participation in a greater number of tenders reflecting the growth in global government defence spending.

Over the period it won 32 new customers won in the civil nuclear segment and made significant progress in the development of bio-security solutions.

It completed piloting in schools, airports and other locations of an airborne COVID-19 detection system under a project funded by Innovate UK.

The business adds it also achieved sustained delivery in the medical imaging sector.

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