Last checked at 16 Mar 2015 07:00
16 March 2015
Kromek Group plc
("Kromek" or the "Company")
Kromek secures working capital facility with HSBC
£3m bank facility to aid execution of growth strategy
Kromek, a radiation detection technology company focusing on the medical, security and nuclear markets, is pleased to announce that it has secured a £3m revolving credit facility (RCF) with HSBC Bank plc ("HSBC").
The funds available through the facility will be used for working capital to support the growth of the business, and facilitate the Company in capitalising on the large and increasing opportunities that it continues to develop across its target markets.
Arnab Basu, Chief Executive Officer of Kromek, said: "We are pleased that HSBC has committed this credit facility to Kromek. Whilst we continue to make significant progress with our product portfolio approach, this financing will enable us to accelerate on executing our longer-term strategy to become the preferred component supplier to major OEMs in CT and SPECT and in the supply of network sensors in nuclear markets."
Amanda Murphy, UK Head of Corporate Banking at HSBC, added: "I am delighted that we have had this opportunity to support Kromek: an expanding UK business with a truly global customer base. We are very impressed by the Company's achievements to date, its prospects for growth, and I look forward to watching their progress."
Enquiries
Kromek Group plc | |
Arnab Basu, CEO Derek Bulmer, CFO | 01740 626 060 |
Panmure Gordon (Nominated Adviser and Broker) | |
Freddy Crossley - Corporate Finance Charles Leigh-Pemberton - Broking | 0207 886 2500 |
Luther Pendragon | |
Harry Chathli, Claire Norbury, Alexis Gore | 0207 618 9100 |
About Kromek Group plc
Kromek Group plc is a UK technology company (global HQ in County Durham) and a leading developer of high performance radiation detection products based on cadmium zinc telluride ("CZT"). Using its core CZT technology Kromek designs, develops and produces x-ray and gamma ray imaging and radiation detection products for the medical, security screening and nuclear markets.
The Group's products provide high resolution information on material composition and structure and are used in multiple applications, ranging from the identification of cancerous tissues to hazardous materials, such as explosives, and the analysis of radioactive materials.
Kromek uses multiple technologies in its manufacturing processes, including the established methods of 'liquid phase' detector production, and also 'vapour phase' production methods, which allow the production of high quality, high performance detectors on an industrial scale. Kromek has an intellectual property portfolio of more than 250 pieces of IP.
The Group's business model provides a vertically integrated technology offering to customers, from the growth of CZT crystals to finished products or detectors, including software, electronics and application specific integrated circuits ("ASICs").
The Board believes that the vertical integration offered by Kromek, combined with the benefit of 25 years of research into CZT production and the patents and trade secrets accumulated by the Group, are unparalleled in the market place.
The Group has operations in the UK, Germany and US (California and Pennsylvania), and is selling internationally through a combination of distributors and direct OEM sales.
Currently, the Group has over a hundred full time employees across its global operations.