County Durham tech specialist aims to raise revenues by 50% with £800k of new contracts

A North East technology company has announced that it is aiming to increase its revenues by 50 per cent with “strong” post-pandemic momentum.

Kromek, based in Sedgefield, has reported that it is on track for revenues of £15m for this year, up by nearly £5m from the year ending April 30.

The company has also revealed that it has secured new contracts worth more than £800k.

This comes after it reported higher activity in the second half of last year and particularly after the year’s end, with sales expanding internationally.

Arnab Basu, CEO of Kromek, commented: “Against a backdrop of significant global uncertainty, Kromek has emerged from the 2021 financial year in a stronger position than when we entered.

“While the disruption across our markets in the early part of the year impacted our sales, our revenue for the second half was 26 per cent above the first half, with the strong momentum continuing post year end.

“In particular, we are seeing continued traction in the medical imaging segment as our customers increasingly roll out their products incorporating our technology.

“We are extremely encouraged by the results that we are receiving from the piloting of our biological-threat detection solution.

“We also believe that we are well-positioned to benefit from the increase in government defence and security spending globally, including in the UK, as evidenced by our announcement today of the receipt of our first major order for our D5 RIID.

“As a result, and with excellent visibility over full year forecasts, we are on track to deliver our highest ever annual revenue for the full year to 30 April 2022, representing significant growth over 2021.

“Consequently, and combined with the successful fundraising completed in the year under review, we are well-placed to capitalise on the substantial opportunities across our business and the board continues to look to the future with increased confidence.”