7th Oct 2020 13:28
Kromek Group PLC - Sedgefield-based detection technology supplier - reports revenue of GBP13.1 million for its financial year ended April 30, down from GBP14.5 million the year before. Pretax loss widens substantially to GBP18.3 million from GBP1.3 million as company books exceptional charge of GBP13.1 million relating to Covid-19.
Says impact of pandemic has continued into first four months of the new financial year but business patterns now returning to normal. Adds it is "cautiously optimistic" for the year head.
"We entered 2019/20 in a stronger position than ever before, increasing revenues by 43% in the first half. However, the pandemic caused markets to shut down and materially impacted both our global customer base and supply chain resulting in overall revenues for full year 2019 to be lower than the previous year. However, the mitigation measures and operational progress we have made during the year means we are well-positioned to rebound strongly," says Chief Executive Arnab Basu.
Current stock price: 9.39 pence
Year-to-date change: down 63%
By Ife Taiwo; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Kromek