(Alliance News) - Kromek Group PLC on Wednesday posted a widened interim loss and revenue fall but said it has secured UK funding for an airborne virus detection solution.
In the six months ended October 31, Kromek's revenue fell 14% year-on-year to GBP4.6 million from GBP5.3 million. Its pretax loss stretched to GBP3.4 million from GBP2.7 million.
The Sedgefield, Country Durham-based detection technology supplier said it kicked off the second half with an "extensive commercial pipeline" as well as a rebound in commercial activity.
"I am pleased to report that we finished the first half of 2020-21 in a stronger position than we entered the year, resulting from a considerable uptick in trading in the last two months of the period. We are starting to see a return to some normality in business patterns as our customers recommence their commercial activities. In particular, our largest medical OEM customer has begun shipping their next-generation scanner, which, as they continue to ramp up installations in the second half of the year, will enable the fulfilment of the long-term contract we have with them," Chief Executive Officer Arnab Basu said.
Also on Wednesday, Kromek said it has kicked off an Innovate UK-funded GBP1.3 million programme to develop a "biological threat-detection solution".
The solution will be able to detect the presence of SARS-CoV-2, which causes Covid-19, as well as other novel and mutating viruses.
Kromek eyes using the system in "high footfall locations" such as airports, hospital, entertainment venues and in retail.
"The base technology, which is fully developed, samples the air in-situ to detect and analyse airborne pathogens using DNA sequencing," Kromek added.
"By detecting the virus in the air in real time, rather than solely relying on the testing of individuals or development of symptoms in individuals, the system will enable earlier identification of potential infection exposure to help reduce transmission."
Kromek shares were 3.3% higher at 13.95 pence each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Kromek (KMK)