24th Jul 2023 11:25
(Alliance News) - Kromek Group PLC on Monday said it delivered a year of "record" revenue thanks to "significant" growth in its advanced imaging and CBRN detection divisions.
The company reported a pretax loss of GBP7.3 million in the year ended April 30, widened from GBP6.1 million the year prior. Kromek said this was primarily due to an increase in operating costs.
More positively, Kromek's external sales totalled GBP17.3 million, up 43% from GBP12.1 million the previous year. This was a record figure, according to Chief Executive Arnab Basu, with "significant" growth in advanced imaging and CBRN detection.
In CBRN detection, the company provides nuclear radiation detection solutions to the global homeland defence and security market. In the advanced imaging segment, Kromek primarily operates in the medical imaging market with some opportunities in the security screening and industrial screening sectors.
The CEO also noted that the company achieved positive adjusted earnings before interest, tax, depreciation and amortisation in the second half of the year. Though for the year as a whole, Kromek's adjusted Ebitda loss reduced to GBP1.0 million from GBP1.2 million the year prior.
"We entered the 2024 financial year with a much-strengthened balance sheet and heightened commercial momentum - winning new orders in addition to a growing and substantial opportunity funnel. Accordingly, we anticipate a strong year-on-year increase in revenue and we remain on track to be adjusted Ebtida positive for the full year," Basu said.
Sedgefield, England-based Kromek supplies and develops radiation detection solutions. Shares in the firm were down 1.2% at 4.99 pence on Monday morning in London.
By Heather Rydings, Alliance News senior economics reporter
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