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LONDON (Alliance News) - Radiation detection technology company Kromek Group PLC on Wednesday said its pretax loss widened in the first half, mostly due to a decline in margins after a one-off payment received a year earlier did not repeat.
Kromek said its pretax loss for the half to the end of October was GBP3.0 million, compared to GBP2.3 million a year earlier, as its gross margin declined to 53% from 70%, after being helped to an exceptionally high level the year earlier by the GBP600,000 payment the company received.
Revenue was flat in the half at GBP3.2 million, though rose 26% on an underlying basis when the one-off payment is stripped out.
The company secured USD7.0 million worth of deals in the medical and nuclear markets in the first half and has signed further deals since the close of the half.
"Looking ahead, we have entered the second half with a significantly better visibility of revenue compared to last year. With an increased and diversified customer base, continued progress with global original equipment manufacturers customers, and the doubling of our manufacturing capacity, the Board believes that the group is well positioned for future growth in the medium and long term," said Arnab Basu, Kromek's chief executive.
Kromek also said it four of its non-executive director will step down from their roles as part of a restructuring to create a more streamlined management structure. Two of the non-executives stepping down, Max Robinson and Brian Tanner, will be the founding members of the company's Science Advisory Committee.
Kromek shares were up 0.4% to 29.875 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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