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Revenues rise as listed radiation detection company increases global reach

Kromek, the Huddersfield-based radiation detection firm, has seen its revenues increase by 43% to £5.3m (H1 2018/19: £3.7m) as it continues to win international orders.

A supplier of detection technology for the medical, security screening and nuclear markets, Kromek announced its interim results for the six months ended 31 October 2019.

Kromek’s record half one revenue was driven by completion of high value, multi-year contracts with commercial and large government customers around the world across nuclear detection, medical imaging and security screening.

The company’s UK headquarters underwent a significant expansion programme and it also received and delivered orders from a European government-related company worth £2.1m. In addition, Kromek won further contracts won from the European Commission and the US government.

Dr Arnab Basu, CEO of Kromek, said: “This year has seen a focus on executing on the previously-signed agreements and commencing delivery on the multi-year contracts won in recent years.

“This has resulted in record first half revenues. We have seen an increase in adoption of our next-generation products in the medical imaging market and an expansion of applications for our D3S platform.

“Consequently, our product sales have seen a year-on-year increase of 53% and account for 82% of revenues in the first half.

“Kromek entered the second half well-positioned to report its highest ever full year revenues as delivery of high value, multi-year contracts continues to ramp up.

“The Board expects to deliver significant revenue growth and EBITDA profit for full year in line with market expectations.”