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Kromek Group PLC

Kromek confident as sales and orders rise strongly

Momentum is strong across all business areas of nuclear detection, medical scanners and security screening

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Kromek is racking up orders in all divisions

A confident Kromek Group PLC (LON:KMK) predicted further growth ahead as annual revenues rose by more than a fifth and underlying profits jumped four-fold.

Momentum is strong across all business areas of nuclear detection, medical scanners and security screening said Arnab Basu, chief executive.

Kromek recently won the largest order in its history (worth US$58.1mln) to supply CZT medical scanners to a customer over the next seven years.

Additional contracts have been with US Homeland Security for scanning equipment while Kromek has also been contracted to develop a biological threat detector, its first product in this area.

The past year had been a milestone for the company, said Basu.

“We significantly strengthened the foundations of our business with the successful relocation of our US operations to a new purpose-built facilit, and raised £21m to enhance our UK and US manufacturing capabilities and to support expansion in our key growth areas of SPECT in medical imaging and our D3S products in nuclear detection.” 

Revenues to April rose 23% to £14.5mln while underlying profits [EBITDA] jumped to £2mln from £0.5mln.

Losses were reduced to £1.3mln from £2.5mln.

“The momentum of new contract wins has continued, providing us with greater visibility over revenue. 

“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,” said Basu.

Shares rose 5% to 22.75p.

 

Quick facts: Kromek Group PLC

Price: £0.25

Market: AIM
Market Cap: £86.16 m
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