Very positive 29 Mar 2014 19:12
Furthermore it has taken longer than expected to set up distribution channels for nuclear radiation products, which are now in place in many of our important markets, and more work is ongoing to widen the channels through the expansion of our commercial teams.
The pipeline includes substantial new orders that we hope to announce in the near future, which could materially impact our growth expectations going forward.
however cash balances at the year-end continue to be strong and the Directors believe that the business has sufficient capital required to execute the business plan and deliver growth in the years ahead.
Importantly, during the last half of the year the Company has also achieved some significant efficiency improvements to its manufacturing processes, which would allow a much broader acceptance of its products in mainstream medical diagnostic markets and lower its capital investment requirements. Based on the improved manufacturing processes the Company is expanding production capability in the UK with the cost partly supported by the Regional Growth Fund.
Kromek continues to win contracts across its three target markets and has seen substantial growth in current order booking. In medical imaging, Kromek's $5.3m mutually exclusive contract for developing and supplying CZT based multispectral (colour) detectors for the CT market with one of the top four OEMs continues to progress well. During the year Kromek has also been awarded substantial contracts in the SPECT and the BMD markets.
Changes to EU legislation continue to present the Company with new opportunities within the security screening markets. The Kromek bottle scanners have now been widely adopted in the EU and continue to attract opportunities in the Asian and Middle Eastern markets.
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