Losses narrow at detection technology company in ‘pivotal’ 12 months
Kromek, a developer of radiation and bio-detection technology solutions, is celebrating strong revenue growth and a string of important contract wins as it releases its final results today.
The Huddersfield-based business has recorded a revenue rise of 12% to £19.4m (2023: £17.3m), while loss before tax was cut to £3.5m (2023: £7.3m loss).
Dr Arnab Basu, CEO, said: “This has been a pivotal 12 months for Kromek where we recorded a third consecutive year of revenue growth and delivered on all our KPIs.
“We achieved record revenues, more than halved our losses and our positive adjusted EBITDA exceeded market expectations.
“We have actively enhanced our operational efficiencies and seen excellent progress in both advanced imaging and chemical, biological, radiological and nuclear (CBRN) detection where demand remains strong across both market segments.
“We expect to be broadly cash neutral in half one and are comfortable that we have sufficient capital to deliver further growth in 2025.”
Highlights during the year included an order from a substantial global defence corporation, which the group believes represents a significant opportunity for further sales.
Kromek anticipates demand for its CBRN products will continue to be driven by global geopolitical insecurity and the persistence of nuclear threats.
The company was selected under two new UK government frameworks, each lasting four years, designed to enhance Britain’s systems and capabilities for ensuring public safety and security.
And Kromek won its first contract in biosecurity from the US Department of Homeland Security, worth $5.9m/£4.6m, for the development of technologies focusing on a bio-detection system, under a four-year programme.
The firm also notes it has agreed an additional £4.9m secured term loan. The additional loan is being provided by Polymer N2 Ltd, an investment vehicle controlled by Dr Graeme Speirs, a significant shareholder and a current finance provider to the company.
