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Kromek Interim Loss Remains Flat As Revenue Grows With Product Sales

Tue, 19th Dec 2017 10:15

LONDON (Alliance News) - Radiation detection technology firm Kromek Group PLC said on Tuesday its pretax loss for the first half of its financial year was flat as stronger revenue was offset by a foreign exchange movement.

For the six months to October 31, Kromek reported a pretax loss of GBP1.8 million, remaining in line with the same period a year before. Revenue for the period rose 27% to GBP4.8 million from GBP3.8 million on a higher gross margin and higher product sales in Nuclear Detection and Medical Imaging.

During the period, there was a net movement in foreign exchange, leading to a negative impact of GBP1.4 million.

During the first half, Kromek made good progress with its Medical Imaging division, with revenue growth being driven by the delivery on contracts won in the last two years. During the period, Kromek won new contracts, including a five-year contract with a minimum value of USD5.4 million, for the incorporation of its CZT-based detector modules in a new medical diagnostics product.

In Nuclear Detection, the group's key product offering went through several high-profile deployments and trials, resulting in an enhanced reputation with government agencies and global original equipment manufacturer.

Kromek's Security Screening arm started work on its first long-term contract in the Security Screening market, with a five year agreement awarded in the second half of the financial year ended April 30 with an existing US customer in the homeland security marketplace.

"We have entered the second half of 2017/18 well-positioned to deliver revenue growth for the full year and achieve Ebitda breakeven, in-line with market expectations. This position is underpinned by good visibility of revenues, with a significant proportion under signed contract. With our increasing traction with existing and potential customers, and with a strengthened order book, the board looks to the future with confidence," said Chief Executive Officer Amab Basu.

Shares in Kromek were down 8.4% at 24.95 pence on Tuesday.

By Dayo Laniyan;

Copyright 2017 Alliance News Limited. All Rights Reserved.

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