Losses narrow at detection tech company amidst healthy demand from clients
Huddersfield-based Kromek, which develops radiation and bio-detection technology, has highlighted encouraging growth in its unaudited interim results for the six months ended 31 October 2023.
The business saw its revenues rise to £7.1m (H1 2023: £6.8m), while its loss before tax reduced to £3.5m (H1 2023: £5.7m loss).
Dr Arnab Basu, CEO, said: “I am pleased to report another period of growth for Kromek as we continued to deliver on our long-term agreements and development programmes as well as win new orders.
“We heavily focused on managing our cost base and increasing the efficiency within our business, which remains a key priority.
“Looking ahead, in line with normal seasonality, we will be second half weighted and remain on track to deliver record revenues for full year 2024 and positive EBITDA.
“We continue to operate in substantial markets and are receiving high demand for our products that are being used every day to save people’s lives – from the detection of nuclear threats in Ukraine, to cancer in hospitals around the world.”
Looking further ahead into 2024, Kromek notes it has good visibility of full year revenue forecasts, comprising 72% contracted or already shipped, 10% awarded and going through contract negotiation, 2% being provided by the group’s regular repeat order business and the remaining 16% anticipated to be generated from the known pipeline of opportunities.
In the second half of the year the group expects significant growth in product sales as it delivers under its long-term contracts and continues to receive new orders.
And it adds that the inflationary pressures on the price of materials and labour are continuing to reduce.
