(Alliance News) - Kromek Group PLC on Thursday expressed confident outlook for the year ahead as it reported double digit revenue growth in its most recently ended financial year.
The stock was trading 11% higher on Thursday in London at 24.05 pence a share.
The detection technology supplier said its pretax loss narrowed in the year to the end of April to GBP1.3 million from GBP2.5 million reported a year prior, as revenue grew by 23% to GBP14.5 million from GBP11.9 million.
Product sales grew by 25% to GBP12.1 million during the year, while revenue from research & development contracts grew by 14% to GBP2.5 million, Kromek said. It also noted that 11 new patents were filed and 16 were granted during the year.
"Looking ahead, we entered the 2019/20 fiscal year in a stronger position than ever before," said Chief Executive Arnab Basu. "The momentum of new contract wins has continued, providing us with greater visibility over revenue."
Basu added: "As a result, we are confident of delivering growth for full year 2019/20, in line with market expectations, and continue to look to the future with confidence."