Record revenues at detection tech business

Detection  technology business, Kromek, says demand for early and accurate medical diagnosis along with heightened concern over potential nuclear threats has helped boost its latest results.

Releasing its final figures for the year ended 30 April 2023, the Huddersfield-based company reports a revenue rise of 44% to £17.3m (2022: £12.1m) with adjusted EBITDA loss reduced to £1m (2022: £1.2m loss) and a loss before tax of £7.3m (2022: £6.1m loss).

Dr Arnab Basu, CEO, said: “We are pleased to have delivered record revenues, with significant growth in advanced imaging and CBRN (chemical, biological, radiological and nuclear), and achieved positive adjusted EBITDA for the second half.

“During the year, we experienced our highest levels of customer engagement, with some of this transitioning to major agreements.

“We entered the 2024 financial year with a much-strengthened balance sheet and heightened commercial momentum – winning new orders in addition to a growing and substantial opportunity funnel.

“Accordingly, we anticipate a strong year-on-year increase in revenue and we remain on track to be adjusted EBITDA positive for the full year. This growth will be based on both of our segments, with demand continuing to be underpinned by macro-economic and market conditions.

Kromek, which develops radiation and bio-detection technology solutions, says it has won new and repeat orders across the business and from around the world, and experienced increased customer engagement regarding future projects.

The firm adds that it achieved significant progress in its medical imaging operations. This included signing a landmark seven-year collaboration agreement with a tier 1 OEM to provide CZT-based detectors for use in the customer’s advanced medical imaging scanners.

Kromek also picked up record revenue in the nuclear security arm of its business, with the winning and delivery of new and repeat orders, including a $1.3m/£1m contract from a US customer and two orders totalling $1.5m/£1.2m from US government clients.