11th Dec 2019 09:47
(Alliance News) - Detection technology firm Kromek Group PLC reported on Wednesday a "record" revenue figure for the interim period.
Revenue in the six months to October 31 was GBP5.3 million, 43% higher than a year before.
The pretax loss widened to GBP2.7 million from GBP2.1 million, however, due to increased finance and operation costs.
Sedgefield, County Durham-based Kromek said revenue growth came due to multi-year contracts signed with commercial and government customers across the world, in nuclear detection, medical imaging, and security screening.
Looking forward, Kromek has "increasing commercial momentum", with revenue and earnings before interest, tax, depreciation and amortisation for its financial year to April on track to meet the market's expectations.
"This year has seen a focus on executing on the previously-signed agreements and commencing delivery on the multi-year contracts won in recent years. This has resulted in record first-half revenues," said Chief Executive Arnab Basu.
"Kromek entered the second half well-positioned to report its highest ever full-year revenue as delivery of high value, multi-year contracts continues to ramp up. We are delivering on contracts worth nearly GBP100 million won over the past three fiscal years in our target markets of medical imaging, nuclear detection and security screening as customers commercially deploy their next-generation CZT-based products," Basu continued.
"Additionally, we continue to experience growing demand for our flagship products, which is expected to convert to further orders."
Kromek shares were 5.5% higher on Wednesday morning in London at 18.20 pence each.
By George Collard; [email protected]
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