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Manufacturing

Kromek hails maiden profit in better than expected full year results

The North East imaging and detection technology maker said it hoped to generate more profitability

Dr Arnab Basu, chief executive of Kromek(Image: handout from Recognition PR)

Detection technology specialist Kromek says a better than expected performance has brought its first profit.

The County Durham-based maker of radiation detection equipment turned a £3.5m pre-tax loss into £3.1m profit in the year to the end of April. Bosses say the change was thanks to lower than expected costs and higher than anticipated revenue on its landmark Siemens Healthineers work which delivered a $25m payment during the year.

The London Stock Exchange-listed firm saw revenue jump 37% to £26.5m from £19.4m the year before, with its advanced imaging division making the largest gains with revenue up to £20.3m from £9m. Bosses hailed overall debt reduction but also reported a £1.2m increase in bad debt provision, said to be the result of macro economic conditions on some distributors.

Across its Chemical, Biological, Radiological and Nuclear (CBRN) Detection business, Kromek said it had made "major strategic strides" including selection for two four-year 海角视频 Government frameworks focused on boosting national public safety and security capabilities. After a slower first half impacted by 海角视频 and US elections, the division saw recovery in H2 with revenues more than double those of the previous six months.

In its Nuclear Detection division, multiple contract wins were celebrated including a £2m "milestone" contract with the MoD to provide its D5 RIID and Alpha Beta Probe equipment and its D3M personal radiation detector becoming officially designated under the 海角视频 Government's Resilience Framework. There were also nuclear security orders worth a total of about £2.9m from customers in the 海角视频, Europe, the US, Canada and Japan.

Aside from the breakthrough contract with Siemens Healthineers, Kromek's Medical Imaging business was said to be making progress in the CT market, including with a top health technology manufacturer. It has also been innovating around ultra-low dose molecular breast imaging in a programme with Newcastle upon Tyne Hospitals, Newcastle University and University College London, supported by Innovate 海角视频.

Arnab Basu, CEO of Kromek, said: "This year has been pivotal for Kromek, marked by our maiden profit, which exceeded market expectations, and a significant reduction in debt. These achievements were driven by a landmark agreement with Siemens Healthineers, showcasing the strength of our Advanced Imaging division.

"While the CBRN Detection division had a slower start, the second half saw a sharp acceleration in momentum due to contract awards under 海角视频 Government frameworks, US federal contracts and a healthy international sales pipeline.