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LONDON (Alliance News) - Radiation detection technology firm Kromek Group PLC on Wednesday reported a narrowed pretax loss in the first half of its financial year on stronger revenue and said it is confident in the outlook for the second half.
Kromek said it made a pretax loss of GBP1.8 million in the six months to October 31, compared to a GBP3.0 million loss a year prior. Revenue for the half rose 19% year-on-year to GBP3.8 million from GBP3.2 million on a flat gross margin, Kromek said.
In the half, the group's Medical Imaging division started work on a five-year contract supplying detectors for bone mineral densitometry diagnostics systems with an unnamed manufacturer, while its Nuclear Detection unit started delivery on an initial 10,000 detection units to the US Defense Advanced Research Projects Agency, part of the US Department of Defense.
Kromek's Security Screening arm, meanwhile, won a deal with an unnamed Asian airport group in the half and a new order for screening systems from an existing customer.
"We are pleased to report another period of strong operational progress, continuing the momentum from the previous year as we executed on the significant contracts won in all of our three markets of medical imaging, nuclear detection and security screening," said Arnab Basu, Kromek's chief executive.
"Looking ahead, we have entered the second half with significant visibility over revenue in excess of 85% of full year market expectations. Overall, our products continue to gain commercial traction in all of our business segments with new customers as well as deepening our relationships with existing customers," Basu added.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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