Kromek Group are an AIM-listed, Sedgfield-headquartered radiation technology business which operates globally from here and the US. #KMK
Kromek announced Half-Year results today to October 31st 2020, and most key metrics are slightly down in comparison to this time last year, however the CEO Dr Arnab Basu remained positive when we interviewed him.
"Our revenue was £4.6M (-v- £5.3M H1 2020) and given we started the financial year right in the middle of a pandemic, in the middle of a lockdown with four months of real disruptions to operations and particularly with disruptions to our OEM customer base where our customers couldn't go out and install equipment and things around the world were difficult, we are pleased that our revenues aren't that dissimilar to the comparable period in the last fiscal year." he said.
And what about current trading? "Towards the end of October our trading patterns were returning to normality as our customer base was getting more active, hospitals were opening up for new installs, and nuclear detection customers were starting to get into procurement programmes and development funding was coming through - and that trend has continued."
"Our OEM customers are buying products month in month out, that is bringing us visibility, and that has continued into the second half."
And what about the outlook for 2021 and beyond?
"We have adapted our business and ways of working so that even a third UK lockdown will have very little material effect on the UK business operation, and also in the US. We have adapted and are in tune with new ways of working. At the same time we are mindful if these lockdowns continue for a very long time, and we are monitoring the situation."
"That said, we expect substantial growth in revenues in H2 compared to H1 and the fundamental growth drivers of this business remain very strong and we remain confident."
Meanwhile Kromek have continued to innovate as the pandemic throws up new business opportunities in the bio-security field. Today Kromek announced that it had started a £1.25M pilot programme funded by the UK Government to customise it's biological threat detection programme for the automated detection of all airborne viruses. "This project was initiated back in December 2018 through a US Department of Defence agency (DARPA) and is now to be used to detect airborne pathogens." said Dr Basu.