City briefs: Kromek and Tissue Regenix
Kromek Group, a Huddersfield-based developer of radiation and bio-detection technology solutions, has received an order worth more than £1.4m to supply D3M detectors and associated networkable solutions.
The revenues are expected to be received within the current financial year.
The detectors are intended for use in the rescEU stockpile, which is being developed by the European Commission to help safeguard citizens from disasters and manage emerging risks, including equipment to respond to chemical, biological, radiological, and nuclear (CBRN) risks.
Arnab Basu, CEO of Kromek, said: “Amid increasingly fraught and volatile global relations, the need for sovereign nations to prepare for emerging risks has never been more important.
“We are pleased to be able to contribute positively to global efforts to safeguard citizens against possible threats, accidental or deliberate.
“This latest order for Kromek’s D3M line of detectors is another endorsement of our world-leading technology, which is amongst the most versatile and sensitive available, offering real time data of any potential nuclear threat so decision making can be rapid and responses can be co-ordinated effectively.”
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Regenerative medical device company, Tissue Regenix, says its total revenue for 2023 is expected to increase by 20.6% to $29.5m/£23.2m (2022: $24.5m/£19.3m), ahead of expectations.
In a trading update for the year ended 31 December 2023, the Leeds-based firm notes its performance marks the sixth consecutive period of half-on-half, double-digit revenue growth, which averages over 20% for the last three years.
An adjusted EBITDA profit is expected for the full year of 2023, also ahead of expectations.
The business’s cash position as of 31 December 2023 had increased since H1 2023 to $4.5m/£3.5m (H1 2023: $4.1m/£3.2m; year-end 2022: $5.9m/£4.6m) supporting the company’s current organic business growth plan.
Tissue Regenix says trading conditions remain positive as it starts a new financial year, and the Board expects this to be maintained throughout 2024.
Daniel Lee, chief executive officer, said: “2023 represents the third consecutive year of execution on our 4S strategy – a four-pronged approach designed to drive supply, sales revenue, sustainability and scale.
“The results we have achieved this year in terms of revenue growth and profitability continue to demonstrate the benefits of this strategy.
“The group is now in a solid position from which we can continue to grow our base business and expand into new markets. We look forward to further growth and continued progress in 2024.”
