Continued product commercialisation leads to revenue rise for Durham’s Kromek
Radiation detection technology company Kromek has reported a 19% upturn in revenue, as it continues to move its R&D programmes towards full commercialisation.
Announcing its interim results for the six months ended 31 October 2016, the Durham-based firm saw revenue rise to £3.8m up from £3.2m in the previous year.
Product sales accounted for 74% of total revenue, again an increase on last year’s figure of 57%, indicating operational progress for the business which focuses on the medical, security and nuclear markets
The firm’s growth therefore directly impacted on its pretax losses which were reduced by 41% to £1.8m, down from £3m last year.
Dr Arnab Basu, CEO of Kromek, said: “We are pleased to report another period of strong operational progress, continuing the momentum from the previous year as we executed on the significant contracts won in all of our three markets of medical imaging, nuclear detection and security screening.
“We saw high growth in the number of products sold compared with the same period last year and, equally important, a number of R&D programmes have moved into full commercialisation phase.
“Looking ahead, we have entered the second half with significant visibility over revenue in excess of 85% of full year market expectations.
“Overall, our products continue to gain commercial traction in all of our business segments with new customers as well as deepening our relationships with existing customers.”