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Kromek reports significant losses following major acquisition
Posted by Ellen Forster on 28 Aug 2014
Radiation detection specialists Kromek have announced its loss before tax has reduced threefold to £4.3 million in the last financial year, compared to £1.7 million this time in 2013.
The County Durham firm’s revenue has grown 122%, hitting £5.9 million compared to £2.7 million last year.
Kromek has reported total comprehensive losses for the financial year is £3.8 million, compared to just £443k last year.
Kromek recently acquired eV Products Inc, its second American acquisition. The firm has doubled eV Products workforce in this time.
The company reports that the annual results were affected by the level of depreciation of intangible and tangible assets which rose to £1.3 million, from £700k last year, mainly due to the acquisition of eV Products over the year.
During the last financial year, the firm spent £3 million on R&D developing ï¬Âve new medical products and eight new nuclear products developed
Kromek CEO, Arnab Basu, said: "The appetite for Kromek’s components, systems and solutions in each of our target markets is increasing. The Group is well placed, not only to continue to win new contracts, but also to service the growing demand for our technologies and achieve our ambition of becoming the radiation detection specialists of choice in our chosen markets. We have reported a number of new contracts post this period end and we are continuing to convert a strong pipeline with the current order book at an all-time high."