Proactiveinvestors United Kingdom Kromek Group PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Kromek Group PLC RSS feed en Thu, 18 Jul 2019 18:04:47 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Kromek “will achieve cash breakeven this year”, says Cantor Fitzgerald ]]> https://www.proactiveinvestors.co.uk/companies/news/223831/kromek-will-achieve-cash-breakeven-this-year-says-cantor-fitzgerald-223831.html Kromek Group PLC (LON:KMK) will achieve cash breakeven this year, according to analysts at Cantor Fitzgerald, who on Friday reiterated their ‘buy’ rating and 45p target price on the stock.

The broker said they expected revenue growth for the radiation detection specialist to continue in the “mid- to high-teens range”, adding that the group’s medical imaging arm was the “key medium-term driver” of growth.

READ: Kromek on a roll as it announces another three contract wins

Cantor also said that the company’s nuclear and security screening offerings would provide “more immediately realisable earnings and cash”.

Overall, the broker said Kromek was building “a strong customer, manufacturing and intellectual property base”, with cash breakeven the next milestone for the group.

In mid-afternoon trading, Kromek shares were 1% lower at 24.3p.

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Fri, 12 Jul 2019 14:24:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/223831/kromek-will-achieve-cash-breakeven-this-year-says-cantor-fitzgerald-223831.html
<![CDATA[News - Kromek on a roll as it announces another three contract wins ]]> https://www.proactiveinvestors.co.uk/companies/news/223105/kromek-on-a-roll-as-it-announces-another-three-contract-wins-223105.html Kromek Group PLC (LON:KMK) shares rose on Monday following news it has been awarded new contracts for its D3S nuclear detection platform in the UK, US and Europe.

The detection technology firm said the three contracts are worth around £1.6mln in aggregate.

READ Kromek confident as sales and orders rise strongly

The UK contract, worth £1.1mln, is from a UK government-related company while the US contract, worth £389,000, is from the US government's Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense.

The European contract, worth €180,000 is from the European Commission's Directorate-General for Migration and Home Affairs.

"The D3S platform continues to gain traction in the US and the rest of the world,” said Arnab Basu, the chief executive officer of Kromek.

“We are working with a number of high value-customers in a number of countries for deployment and implementation of this technology. These new contracts are great examples of the commercial progress in this area as well as the varied security and military applications for our D3S family of products," he added.

In afternoon trading, Kromek shares were 4.1% higher at 25.25p.

 -- Adds share price --

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Mon, 01 Jul 2019 07:44:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/223105/kromek-on-a-roll-as-it-announces-another-three-contract-wins-223105.html
<![CDATA[RNS press release - New contracts for D3S in UK, US and Europe ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190701070008_14130277/ Mon, 01 Jul 2019 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190701070008_14130277/ <![CDATA[Media files - Kromek making big strides on all fronts and in a great place says CEO Basu ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13901/kromek-making-big-strides-on-all-fronts-and-in-a-great-place-says-ceo-basu-13901.html Thu, 27 Jun 2019 13:16:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13901/kromek-making-big-strides-on-all-fronts-and-in-a-great-place-says-ceo-basu-13901.html <![CDATA[News - Kromek Group hails order momentum across all three divisions ]]> https://www.proactiveinvestors.co.uk/companies/news/222955/kromek-group-hails-order-momentum-across-all-three-divisions-222955.html   Sells to medical, security screening and nuclear markets
  Operates in UK and US with international distribution network   What Kromek does

Kromek Group PLC (LON:KMK) is a developer and supplier of radiation detection products for the medical, security screening and nuclear markets.

The Company’s products are based on cadmium zinc telluride (CZT), an alloy used primarily for x-ray and gamma radiation detection, as well as other technologies.

The group has operations in the UK and the US and sells its products internationally through a network of distributors, original equipment manufacturers (OEMs) and direct sales.

 

How is it doing

A confident Kromek 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.

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.

  What the boss says: Arnab Basu, chief executive

“The last year (2018/19) was a milestone for us.

“We won US$80mln of new contracts to make the total US$145mln over the past three years.

“As these contracts are multi-year in nature have visibility on 80% of revenues this year as well.

 “All these developments are the tip of the iceberg and that over the next 10 years Kromek could see revenue opportunities of nearly US$1bn.

 

Video

 

 

Inflexion points Additional orders in all three divisions Three new contracts for D3S nuclear detection platform in the UK, US and Europe Airport safety standards tightening around world Nuclear detection system now being incorporated into drones New opportunities in biological detection Company has new manufacturing plants in US and UK Cash at year end of £20mln

 

What the broker says

In a July note, analysts at Cantor Fitzgerald forecast that Kromek would achieve cash breakeven this year.

The broker added that they expected revenue growth to continue in the “mid- to high-teens range”, adding that the group’s medical imaging arm was the “key medium-term driver” of growth.

Cantor also said that the Company’s nuclear and security screening offerings would provide “more immediately realisable earnings and cash”.

The broker has Kromek rated at a 'buy' with a price target of 45p, an 84% premium on the firm's close price on 11 July.

With the shares trading at 24.5p as of 11 July, Kromek carries a market cap of £84.4mln.

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Thu, 27 Jun 2019 13:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/222955/kromek-group-hails-order-momentum-across-all-three-divisions-222955.html
<![CDATA[News - Kromek confident as sales and orders rise strongly ]]> https://www.proactiveinvestors.co.uk/companies/news/222930/kromek-confident-as-sales-and-orders-rise-strongly-222930.html 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.

 

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Thu, 27 Jun 2019 09:25:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/222930/kromek-confident-as-sales-and-orders-rise-strongly-222930.html
<![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190627070009_14127086/ Thu, 27 Jun 2019 07:00:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190627070009_14127086/ <![CDATA[News - Kromek gains traction from contract wins ]]> https://www.proactiveinvestors.co.uk/companies/news/219896/kromek-gains-traction-from-contract-wins-219896.html • Sells to medical, security screening and nuclear markets
• Operates in UK and US with international distribution network What Kromek does

Kromek Group PLC (LON:KMK) is a developer and supplier of radiation detection products for the medical, security screening and nuclear markets.

The company’s products are based on cadmium zinc telluride (CZT), an alloy used primarily for x-ray and gamma radiation detection, as well as other technologies.

The group has operations in the UK and the US and sells its products internationally through a network of distributors, original equipment manufacturers (OEMs) and direct sales.

Inflexion points

• In early May, the company said an order expansion from one of its existing customers had added US$2.7mln to a five-year contract, taking its total value to US$5.8mln. The deal sees Kromek provide key components for screening systems that detect explosives to a US customer operating in the homeland security space.

• In February Kromek secured a US$1.4mln contract with a new customer to provide its CZT radiation detectors over a three-year period.

• In January the group secured a seven-year contract worth a minimum of US$58.1mln to provide its CZT detectors to an OEM customer in the medical imaging market.

Blue Sky

In a trading update for its fiscal year ended 30 April, Kromek said it expected to report revenue growth and underlying (EBITDA) profit that was in line with market expectations.

Looking ahead, Kromek said it had continued to gain traction across all of its business segments with “high-value, multi-year” contract awards from its commercial and government customers.

Speaking to Proactive in February, Kromek’s chief executive Arnab Basu said going forward the company was “all about growth” and the operational expansion of the business.

The £20mln that the company had raised in a discounted share placing in January would be used to expand the group’s operational capabilities, Basu said, with around £10mln due to be spent on the expansion of capacity including new production facilities to fulfil its existing contracts.

Meanwhile, £3-4mln would be spent on an expansion of sales and marketing activities, which the CEO said was “particularly relevant” regarding its nuclear radiation detectors.

Overall, Basu said that the multi-year contracts the company has won so far have provided “very firm visibility of revenues”, which helps with future projections and planning for the business.

These contracts also provide a “healthy balance sheet”, which acts as a confidence boost for possible future clients during negotiations.

Looking further ahead, Basu says that all these developments are “the tip of the iceberg”, and that over the next 10 years Kromek could see revenue opportunities of “nearly US$1bn”.

With shares trading around 25.5p as of 8 May 2019, Kromek carries a market cap of £91.3mln.

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Wed, 08 May 2019 14:33:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219896/kromek-gains-traction-from-contract-wins-219896.html
<![CDATA[News - Kromek moves the needle after positive trading update ]]> https://www.proactiveinvestors.co.uk/companies/news/219761/kromek-moves-the-needle-after-positive-trading-update-219761.html Kromek Group PLC (LON:KMK) shares were higher on Tuesday after the firm said it was expecting to hit its targets for the latest full year.

The company, which makes detection software for the medical, security and nuclear markets, said in a trading update for the year ended 30 April that it expected to report revenue growth and underlying (EBITDA) profit that was in line with market expectations.

READ: Kromek glows as increased orders add US$2.7mln in value to existing contract

Looking ahead, Kromek said it had continued to gain traction across all of its business segments with “high-value, multi-year” contract awards from its commercial and government customers.

The firm added that “increasing market adoption” of products incorporating its detection solutions, combined with a £21mln fundraising completed in February, meant it was “well-placed” to capitalise on expanding opportunities and that it looked to the future “with confidence”.

Kromek has already kicked off its new fiscal year on the front foot, announcing a US$2.7mln expansion to an existing five-year contract last Wednesday.

The company will report its full-year results for the year in early July.

In mid-morning trading, Kromek shares were up 3.3% at 26.9p.

--Adds share price--

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Tue, 07 May 2019 07:34:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219761/kromek-moves-the-needle-after-positive-trading-update-219761.html
<![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190507070008_14063799/ Tue, 07 May 2019 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190507070008_14063799/ <![CDATA[News - Kromek glows as increased orders add US$2.7mln in value to existing contract ]]> https://www.proactiveinvestors.co.uk/companies/news/219437/kromek-glows-as-increased-orders-add-us27mln-in-value-to-existing-contract-219437.html Kromek Group PLC (LON:KMK) shares got a boost on Wednesday after increased orders for an ongoing contract added US$2.7mln to its value.

The firm, which supplies detection software for medical, nuclear and security screening devices, said the order expansion would take the total worth of the five-year contract to US$5.8mln, with the additional value to be recognised in the next 24 months.

READ: Kromek lifted as it inks nuclear security contract with new customer

Originally announced in February 2017, the deal sees Kromek provide key components for screening systems that detect explosives to a US customer operating in the homeland security space.

"This was our first long-term contract in the security screening market and we are pleased to see the value now increase by almost 90%”, said Arnab Basu, Kromek’s chief executive.

“This latest order expansion is an endorsement of the strength of our detection solution and credentials as a high-quality product supplier. We are gaining traction across all our markets as our customers continue to recognise the value that our technology adds to their products.”

Shares were 3.6% higher at 26.4p in mid-morning.

--Adds share price--

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Wed, 01 May 2019 07:36:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219437/kromek-glows-as-increased-orders-add-us27mln-in-value-to-existing-contract-219437.html
<![CDATA[RNS press release - Security screening contract order expansion ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190501070005_14058398/ Wed, 01 May 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190501070005_14058398/ <![CDATA[RNS press release - Change of Adviser ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190329165103_14022153/ Fri, 29 Mar 2019 16:51:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190329165103_14022153/ <![CDATA[RNS press release - Director Dealings Correction ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190318175054_14006448/ Mon, 18 Mar 2019 17:50:54 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190318175054_14006448/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190228130003_13985648/ Thu, 28 Feb 2019 13:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190228130003_13985648/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190228125503_13985639/ Thu, 28 Feb 2019 12:55:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190228125503_13985639/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190228125005_13985633/ Thu, 28 Feb 2019 12:50:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190228125005_13985633/ <![CDATA[RNS press release - Director Dealings ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190226125619_13982348/ Tue, 26 Feb 2019 12:56:19 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190226125619_13982348/ <![CDATA[Media files - Kromek inks nuclear security contract with new customer ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12355/kromek-inks-nuclear-security-contract-with-new-customer-12355.html Tue, 26 Feb 2019 09:58:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12355/kromek-inks-nuclear-security-contract-with-new-customer-12355.html <![CDATA[News - Kromek lifted as it inks nuclear security contract with new customer ]]> https://www.proactiveinvestors.co.uk/companies/news/215288/kromek-lifted-as-it-inks-nuclear-security-contract-with-new-customer-215288.html Kromek Group PLC (LON:KMK) shares were lifted on Tuesday after it secured a contract to supply its CZT radiation detectors to a new customer, an original equipment manufacturer (OEM), for use in the nuclear security market.

The contract, which carries a price tag of at least US$1.4mln, will begin immediately and be delivered over a three year period with minimum volumes for each year.

READ: Kromek proposes share placing to fund business expansion

Arnab Basu, Kromek’s chief executive, said that the contract increased the “visibility of future revenues” and, following a £21mln fundraise earlier this month, the firm was able to “capitalise on similar opportunities in this fast-growing market”.

In late-morning trading, Kromek shares were up 1.5% at 27p.

--Adds share price--

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Tue, 26 Feb 2019 07:56:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215288/kromek-lifted-as-it-inks-nuclear-security-contract-with-new-customer-215288.html
<![CDATA[RNS press release - Nuclear security contract with new OEM customer ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190226070020_13981233/ Tue, 26 Feb 2019 07:00:20 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190226070020_13981233/ <![CDATA[RNS press release - Results of General Meeting and Open Offer and TVR ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190225130243_13980723/ Mon, 25 Feb 2019 13:02:43 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190225130243_13980723/ <![CDATA[News - Kromek proposes share placing to fund business expansion ]]> https://www.proactiveinvestors.co.uk/companies/news/214145/kromek-proposes-share-placing-to-fund-business-expansion-214145.html Kromek Group PLC (LON:KMK) has announced a share placing to raise funds for the expansion of its business.

The detection technology firm, which focuses on the medical, security, and nuclear markets, said it was proposing a conditional firm placing to raise £20mln through the issue of 80mln shares at a price of 25p each, a 9% discount to its last close price of 27.5p.

READ: Kromek secures US$58mln medical imaging contract

The group also proposed an open offer to raise £1mln through the issue of around 4mln shares at the same price.

Kromek said the £21mln it was looking to raise would be used to “significantly increase” its manufacturing capacity and associated working capital to support its medical imaging business, expand sales and marketing for its D3S radiation detection devices, and strengthen its balance sheet to provide flexibility.

The placing was conditional on shareholder approval at a general meeting scheduled to be held at 12 pm on 25 February.

Sir Peter Williams, chairman of Kromek, said over the last three fiscal years the firm had won contracts totalling US$138mln, reflecting “the conversion of our expanding order pipeline and customers increasingly launching next-generation CZT-based products”.

“With the growing demand for our flagship products in all our market segments, this fundraising will strengthen our ability to capitalise on these substantial opportunities. As such, the Board recommends all shareholders to vote in favour of the proposals, which will enable us to deliver increased value to our shareholders."

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Thu, 07 Feb 2019 07:36:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214145/kromek-proposes-share-placing-to-fund-business-expansion-214145.html
<![CDATA[RNS press release - Firm Placing and Open Offer and Notice of GM ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190207070004_13961050/ Thu, 07 Feb 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190207070004_13961050/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190131135040_13953945/ Thu, 31 Jan 2019 13:50:40 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190131135040_13953945/ <![CDATA[News - Kromek secures US$58mln medical imaging contract ]]> https://www.proactiveinvestors.co.uk/companies/news/213381/kromek-secures-us58mln-medical-imaging-contract-213381.html The revenue picture is getting brighter at Kromek PLC (LON:KMK), the supplier of detection technology, after it bagged a medical imaging contract.

The new contract is from an exiting original equipment manufacturing (OEM) customer and is expected to be worth a minimum of US$58.1mln over a seven-year period.

WATCH: Kromek Group fully focused on commercialisation; on track to achieve revenue growth

Kromek will supply cadmium zinc telluride (CZT) detectors and associated advanced electronics to be used in state-of-the-art medical imaging systems. Kromek's technology provides higher resolution detection capabilities enabling better patient outcomes, the company stressed.

The AIM-listed company Kromek will commence delivery immediately and will begin recognising revenue from the 2019/2020 fiscal year.

"We are delighted to have been awarded this multi-year contract from an existing OEM customer, which is one of the most significant that we have secured both from a strategic and monetary perspective,” said Arnab Basu, the chief executive officer of Kromek.

“It is also the first major contract that will be delivered from our new facility in the US that has been purpose built as a world-class production site for medical imaging products,” he added.

"Building on the US$80mln of contracts won over the last three fiscal years, this award strengthens and solidifies our revenue visibility and demonstrates the increasing commercial traction of our CZT detectors in our key target markets of medical imaging and nuclear detection," Basu said.

In early morning trading, Kromek shares were 5.4% higher at 29.55p.

 -- Adds share price --

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Mon, 28 Jan 2019 07:25:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213381/kromek-secures-us58mln-medical-imaging-contract-213381.html
<![CDATA[RNS press release - Kromek Awarded $58m Medical Imaging Contract ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190128070006_13947958/ Mon, 28 Jan 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190128070006_13947958/ <![CDATA[Media files - Kromek Group fully focused on commercialisation; on track to achieve revenue growth ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11829/kromek-group-fully-focused-on-commercialisation-on-track-to-achieve-revenue-growth-11829.html Mon, 14 Jan 2019 12:53:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11829/kromek-group-fully-focused-on-commercialisation-on-track-to-achieve-revenue-growth-11829.html <![CDATA[News - Kromek confident of hitting full-year targets ]]> https://www.proactiveinvestors.co.uk/companies/news/212472/kromek-confident-of-hitting-full-year-targets-212472.html Radiation detection solutions specialist Kromek Group PLC (LON:KMK) is on track to achieve revenue growth and in-line underlying earnings (EBITDA) over the full year.

The company said visibility of revenue for the next six to 24 months continues to increase, which includes visibility of around 86% of the forecast revenue for 2018/19.

WATCH: Kromek Group fully focused on commercialisation; on track to achieve revenue growth

In its results statement for the six months to the end of October, the company noted it had won several new contracts and repeat orders during the reporting period, while in the final two months of the year it moved further into the bio-threat detection market through another contract with the US Department of Defense.

Half-year revenue dipped to £3.69mln from £4.80mln the year before, due to the temporary downtime in manufacturing in the US as a result of the relocation of the company’s US facility, which is now fully operational and delivering orders.

The relocation means that the full-year performance will be weighted more to the second half than usual.

The reduction in revenue led a widening of the loss before tax, to £2.13mln from £1.85mln the previous year, although a reduction in operational cuts meant the losses were not as severe as they might have been.

READ: Kromek jumps as it secures bio-threat detection contract with DARPA

Cash and cash equivalents at the end of October stood at £6.3mln, down from £15mln a year earlier.

The company said it continues to benefit from its customers commercially launching next-generation products that use cadmium zinc telluride (CZT) and from the increasing adoption of CZT-based technology across its target markets.

Radiation is not just fascinating to physicists. Read about the man who hunts 'hidden' radioactive objects. If he wanted to identify the isotopes he could use a Kromek D3S or GR1 or Raymon10 https://t.co/Xt2mOz7VdR via @BBC_Future

— Kromek Group PLC (@kromekgroup) January 8, 2019

“Over the last three fiscal years, we have won US$80mln of contracts, across all of our core sectors, demonstrating the successful conversion of our growing order pipeline. They also demonstrate the strong and long-lasting partnerships that we are continuing to build with our commercial and large government customers across the globe,” said Dr Arnab Basu, the chief executive officer of Kromek.

“The board is confident of delivering full-year revenue growth and positive EBITDA, in line with market expectations," he added.

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Mon, 14 Jan 2019 07:58:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212472/kromek-confident-of-hitting-full-year-targets-212472.html
<![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190114070006_13932763/ Mon, 14 Jan 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20190114070006_13932763/ <![CDATA[RNS press release - Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20181218070008_13907099/ Tue, 18 Dec 2018 07:00:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20181218070008_13907099/ <![CDATA[News - Kromek deepens relationship with DARPA as it expands reach into bio-threat detection ]]> https://www.proactiveinvestors.co.uk/companies/news/210891/kromek-deepens-relationship-with-darpa-as-it-expands-reach-into-bio-threat-detection-210891.html Kromek Group PLC (LON:KMK) has further strengthened its relationship with the Defense Advanced Research Projects Agency (DARPA), part of the US Department of Defense, with a 12-month contract for biological threat detection systems carrying a value of US$1.99mln.

READ: Kromek jumps as it secures bio-threat detection contract with DARPA

The contract, which began on 10 December, is to develop a proof-of-concept device for a vehicle-mounted biological-threat identifier but has potential to be extended to a multi-year project to develop a fully deployable system.

‘Dirty Bomb’ detectors

The bio-threat detection deal is the latest win in a relationship with DARPA that the company has cultivated throughout the year.

In March, Kromek was awarded an extension to a high-volume production contract with DARPA, worth around US$1.6mln, to enhance its D3S equipment that is already deployed at the agency.

D3S is part of the radiation detection range of Kromek’s products and was previously used at a NATO summit in July as part of the meeting’s security arrangements.

Inroads at DTRA

Aside from DARPA, the company also clinched a funding deal in September with DTRA, the Defense Threat Reduction Agency, also a part of the DoD.

READ: Kromek secures US$1.8mln from US defence department to develop radiation detection device

The US$1.8mln in funding formed part of a previous agreement with DTRA in which Kromek will develop a next-generation radionuclide identification device for detecting radioactive substances.

The process involves the use of Kromek’s D3S platform to develop a next-generation, ruggedised small form factor for use in the military field.

Baggage scanning success

The firm is also seeing progress with its CZT range of detector modules, which it agreed to customise for baggage screening systems in a five-year, US$7.8mln deal in November.

READ: Kromek surges as it inks contract to supply technology for baggage scanning systems

CZT stands for cadmium zinc telluride, a semiconductor used for x-ray and gamma radiation detection that can operate at room temperature. The deal itself is with an existing client, an x-ray systems maker.

Medical contract wins

The firm’s CZT tech has also been picked up in the medical sector, receiving two orders in August that had a combined value of around US$1mln.

READ: Kromek medical division lands two new contracts worth US$1mln

The orders included one from an equipment manufacturing customer has placed a US$700,000 order for Kromek’s CZT detectors to be used in nuclear medicine.

The other was a repeat contract in the bone mineral densitometry market for CZT detectors worth US$340,000.

Cancer to TNT

Headquartered in County Durham, Kromek designs, develops, and produces x-ray and gamma-ray imaging and radiation detection products for the medical, security screening, homeland security and civil nuclear markets.

Its products provide high-resolution information on material composition and structure.

Practically, the technology can be used to identify anything from cancerous tissue through to hazardous materials such as explosives and radioactive matter.

Kromek provides customers with radiation detector materials used for devices as well as finished products such as detectors.

As well as operations in the UK, it has bases in California and Pennsylvania in the US.

It sells directly to equipment manufacturers and via distributors.

Monday’s was one of a number of new contracts wins for the business, which included two new deals with the US government to supply radiation detection equipment.

With shares trading at around 26p, the company carries a market cap of £66.4mln.

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Mon, 10 Dec 2018 10:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210891/kromek-deepens-relationship-with-darpa-as-it-expands-reach-into-bio-threat-detection-210891.html
<![CDATA[News - Kromek jumps as it secures bio-threat detection contract with DARPA ]]> https://www.proactiveinvestors.co.uk/companies/news/210837/kromek-jumps-as-it-secures-bio-threat-detection-contract-with-darpa-210837.html Kromek Group PLC (LON:KMK) shares jumped in early trading Monday after it was awarded its first contract for biological threat detection from the Defense Advanced Research Projects Agency (DARPA), part of the US Department of Defense.

The contract, which begins immediately and will run for 12 months, is to develop a proof-of-concept device for a vehicle-mounted biological-threat identifier.

READ: Kromek surges as it inks contract to supply technology for baggage scanning systems

The contract carries a value of US$1.99mln for the period and could potentially be extended to a multi-year contract to develop a fully deployable system.

Detection technology specialist Kromek said the new system would reduce the detection and pathogen identification time compared to current bio-threat detection systems.

The complete system is also aiming to extend the SIGMA network for biological threats as part of DARPA’s new SIGMA+ initiative.

Dr Arnab Basu, chief executive of Kromek, said the new contract expanded the firm’s relationship with the agency as well as broadening its own expertise into bio-threat detection.

READ: Kromek secures extension of DARPA contract to detect ‘dirty bombs’, worth US$1.6mln

The contract follows a previous win with DARPA in March when Kromek was awarded an extension of its high-volume production contract for its D3S nuclear detection devices.

Shares were up 3.9% at 26.5p.

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Mon, 10 Dec 2018 07:27:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210837/kromek-jumps-as-it-secures-bio-threat-detection-contract-with-darpa-210837.html
<![CDATA[RNS press release - Kromek awarded first biological contract by DARPA ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20181210070005_13896684/ Mon, 10 Dec 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20181210070005_13896684/ <![CDATA[News - Kromek surges as it inks contract to supply technology for baggage scanning systems ]]> https://www.proactiveinvestors.co.uk/companies/news/209427/kromek-surges-as-it-inks-contract-to-supply-technology-for-baggage-scanning-systems-209427.html Kromek Group PLC (LON:KMK) shares surged in early trading Monday after it clinched a long-term supply agreement to customise its technologies for baggage screening systems.

The firm, which develops radiation detection systems, said the contract would commence immediately and run for a five-year period, with an estimated worth of US$7.8mln.

READ: Kromek secures US$1.8mln from US defence department to develop radiation detection device

The contract is with one of Kromek’s existing customers, an x-ray systems maker, and would cover the customisation of its current technologies and CZT detector modules for deployment in the baggage security screening market.

CZT stands for cadmium zinc telluride, a semiconductor used for x-ray and gamma radiation detection that can operate at room temperature.

The firm's systems have already been used in high-level security, with its D3S detector deployed at the July 2018 NATO summit in Brussels earlier this year.

Arnab Basu, chief executive of Kromek, said the latest win continued a trend of multi-year contracts for the firm as its customers moved away from legacy systems to embrace CZT detection technology.

"Our expertise makes us ideally positioned to develop customer-specific detector modules and to efficiently deploy these in advanced screening systems for real-world use" he added.

Shares were up 8.6% at 25.2p.

--Adds share price--

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Mon, 19 Nov 2018 07:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209427/kromek-surges-as-it-inks-contract-to-supply-technology-for-baggage-scanning-systems-209427.html
<![CDATA[RNS press release - Five-year $7.8m baggage screening contract ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20181119070006_13871000/ Mon, 19 Nov 2018 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20181119070006_13871000/ <![CDATA[RNS press release - Result of AGM and Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20181001171200_13811995/ Mon, 01 Oct 2018 17:12:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20181001171200_13811995/ <![CDATA[News - Kromek secures US$1.8mln from US defence department to develop radiation detection device ]]> https://www.proactiveinvestors.co.uk/companies/news/205823/kromek-secures-us18mln-from-us-defence-department-to-develop-radiation-detection-device-205823.html Kromek Group (LON:KMK) has been awarded US$1.8mln in funding from the US Department of Defense to help develop a next-generation radionuclide identification device for detecting radioactive substances.

The company, which makes radiation detection technology for the medical, security and nuclear markets, said the funding will be delivered over two years of the project period.

The contract is under a previously announced agreement with the defence department’s Defense Threat Reduction Agency (DTRA) to develop the technology, which Kromek said will be used to meet future military operational challenges.

READ: Kromek inks two new contracts with US government

Kromek will enhance its D3S platform to develop a next-generation, ruggedised small form factor for use in the military field.

The group said by using advanced detector materials, the device will generate “higher resolution detection and superior localisation and identification” of radioactive material for use by the US military.

“We are seeing considerable traction for our D3S radiation detectors as they continue to prove their efficacy in the security markets globally,” said Kromek chief executive Dr Arnab Basu.  

He added: “Our long-term relationship with multiple agencies of the US Department of Defense is the result of a shared commitment to develop next-generation technology and we look forward to continuing this work with the DTRA." 

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Thu, 27 Sep 2018 07:37:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205823/kromek-secures-us18mln-from-us-defence-department-to-develop-radiation-detection-device-205823.html
<![CDATA[RNS press release - Kromek awarded $1.8m funding from DTRA ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20180927070010_13806217/ Thu, 27 Sep 2018 07:00:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20180927070010_13806217/ <![CDATA[RNS press release - Notice of AGM and Posting of Annual Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20180907145702_13783485/ Fri, 07 Sep 2018 14:57:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20180907145702_13783485/ <![CDATA[Media files - Kromek secures two new contracts for its medical division ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10176/kromek-secures-two-new-contracts-for-its-medical-division-10176.html Mon, 20 Aug 2018 11:07:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10176/kromek-secures-two-new-contracts-for-its-medical-division-10176.html <![CDATA[News - Kromek medical division lands two new contracts worth US$1mln ]]> https://www.proactiveinvestors.co.uk/companies/news/203191/kromek-medical-division-lands-two-new-contracts-worth-us1mln-203191.html Kromek Group PLC (LON:KMK) shares surged 13% after it said its medical division has won two contracts worth a combined US$1mln.

The radiation detection technology specialist said an equipment manufacturing customer has placed a US$700,000 order for Kromek’s cadmium zinc telluride (CZT) detectors to be used in nuclear medicine.

WATCH: Kromek boss hails latest deals 

In the bone mineral densitometry market, the firm said it had received a repeat contract of US$340,000 for CZT-based detectors.

“Our CZT technology in medical scanners delivers excellent quality images and detection capability that lead to a better patient outcome,” said chief executive Dr Arnab Basu.

“We also build strong and long-lasting partnerships with our clients, as highlighted by today's repeat contract with another OEM (manufacturer) in the bone mineral densitometry sector to supply CZT-based detection units for their equipment."

READ: Kromek inks two new contracts with US government

Headquartered in County Durham, Kromek designs, develops and produces x-ray and gamma-ray imaging and radiation detection products for the medical, security screening, homeland security and civil nuclear markets.

Cancer to TNT 

Its products provide high-resolution information on material composition and structure.

Practically, the technology can be used to identify anything from cancerous tissue through to hazardous materials such as explosives and radioactive matter.

Kromek provides customers with radiation detector materials used for devices as well as finished products such as detectors.

As well as operations in the UK, it has bases in California and Pennsylvania in the US.

It sells directly to equipment manufacturers and via distributors.

Monday’s was one of a number of new contracts wins for the business, which included two new deals with the US government to supply radiation detection equipment.

Sales look set to rise strongly

Small-cap broker Hybridan said of today’s news: “This further re-enforces the run rate of this product group with all revenue from this contract to be recorded in the current financial year.”

It expects the sales for the 12 months ended April next year to be £15.05mln, up from £11.8mln, though it's set to remain loss-making.

At 2.45pm, the shares were changing hands for 28.36p, up 3.86p, valuing the business at £77mln.

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Mon, 20 Aug 2018 07:15:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/203191/kromek-medical-division-lands-two-new-contracts-worth-us1mln-203191.html
<![CDATA[RNS press release - Kromek wins two new contracts in medical division ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20180820070004_13760514/ Mon, 20 Aug 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20180820070004_13760514/ <![CDATA[News - Kromek inks two new contracts with US government ]]> https://www.proactiveinvestors.co.uk/companies/news/201299/kromek-inks-two-new-contracts-with-us-government-201299.html Kromek Group PLC (LON:KMK) has been awarded two new contracts from the US’s Department of Homeland Security (DHS) and the Defense Threat Reduction Agency (DTRA), an agency of the Department of Defense.

The AIM-listed radiation detection firm said the two contracts, aimed at developing next-generation radiation detection solutions for security and national defence, would generate revenue in the current financial year and are worth a combined minimum of US$2.6mln to be delivered over the next three years, with a potential two-year extension to US$3.3mln.

READ: Kromek radiation detectors deployed at Brussels NATO summit

The contract for the DHS is to develop CZT detector modules for commercial off-the-shelf detectors for advanced X-ray systems for passenger baggage screening and is worth US$1.5mln over two years.

Meanwhile, the DTRA contract is for the development of the next generation of handheld nuclear radiation detectors and carried a value of US$1.05mln over three years with a potential US$0.7mln extension for a further two years.

Dr Arnab Basu, Kromek’s chief executive, said the new contract wins reflected the firm’s “long established relationship with the US government” and would “expand the technological capabilities of [Kromek’s] products and enhance [its] market-leading position while also gaining increased revenue visibility”.

Commenting on the news, the UK’s International Trade Secretary, Dr Liam Fox, said: "Kromek is recognised as one of the country's most innovative businesses and its products are making a tangible difference to people's lives across the world. As an international economic department, DIT is committed to helping companies like Kromek grow trade with the US, our single largest trading partner, which is currently worth £100bn in annual exports and supports millions of UK jobs.”

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Mon, 23 Jul 2018 07:49:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201299/kromek-inks-two-new-contracts-with-us-government-201299.html
<![CDATA[RNS press release - Kromek secures two contracts from US government ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20180723070006_13726704/ Mon, 23 Jul 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20180723070006_13726704/ <![CDATA[News - Kromek radiation detectors deployed at Brussels NATO summit ]]> https://www.proactiveinvestors.co.uk/companies/news/200914/kromek-radiation-detectors-deployed-at-brussels-nato-summit-200914.html Kromek Group PLC (LON:KMK) said its D3S advanced radiation detection device was deployed by Belgian federal police during the July 2018 NATO summit in Brussels.

The AIM-listed radiation detection equipment maker said its D3S wearable RIID had been deployed during security sweeps and during the visit of US President Donald Trump and other EU and NATO heads of state. It was used to detect potential radiological threats present in objects such as cargo, vehicles, buildings and other equipment.

READ: Kromek's products gain traction across-the-board

The group added that it had been informed that the D3S deployment was successful and the company's radiation detection systems proved the value of such equipment for law enforcement during not only special events but also routine patrol operations.

Dr Arnab Basu, Kromek chief executive, said the operation was “It is another real-world example of how government agencies are using our leading radiation detection technology to protect cities from all possible threats.

He added: “We continue to engage closely with DARPA, the European Commission and national law enforcement agencies around the globe to deploy our D3S equipment in both high-risk events and routine police missions."

The successful operation follows a milestone year for the company, which saw its underlying earnings (EBITDA) turn positive for the first time in the year to the end of April 2018.

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Tue, 17 Jul 2018 07:46:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/200914/kromek-radiation-detectors-deployed-at-brussels-nato-summit-200914.html
<![CDATA[RNS press release - Kromek radiation detectors used during NATO Summit ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20180717070011_13719922/ Tue, 17 Jul 2018 07:00:11 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20180717070011_13719922/ <![CDATA[News - Kromek's products gain traction across-the-board ]]> https://www.proactiveinvestors.co.uk/companies/news/199945/kromek-s-products-gain-traction-across-the-board-199945.html Kromek Group PLC (LON:KMK) said the year to the end of April 2018 was a milestone year for the radiation technology company.

Revenue growth from the increase in commercial activities meant underlying earnings – or Ebitda – turned positive for the first time.

READ: Kromek expects revenue growth in full-year results as sales boost earnings

Revenue in the financial year just ended rose 32% to £11.8mln from £9.0mln the year before, despite unfavourable exchange rate movements. Product sales rose 44% year-on-year and accounted for 81% of total revenues, up from 74% the year before.

Ebitda of £0.5mln represented a move into the black from the previous year’s loss of £1.5mln, while the loss before tax narrowed to £2.5mln from £3.8mln the previous year, despite amortisation charges increasing to £1.91mln from £1.42mln the year before.

The company ended the reporting period with cash and cash equivalents of £9.5mln, down from £15mln a year earlier.

WATCH: Kromek CEO thrilled with results

"Looking ahead, the momentum of the 2017/18 financial year has been sustained into the current financial year as Kromek's products continue to gain traction in all of our target markets from the increasing adoption of CZT-based technology and other products,” said Dr Arnab Basu, the chief executive officer of Kromek.

“We continue to win new customers and, together with executing on previously-won contracts, Kromek expects to deliver growth across its business segments and to report continued revenue growth for 2018/19 in line with market expectations," he added.

Shares in Kromek were down 1.3% at 23.5p in late afternoon trade.

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Mon, 02 Jul 2018 08:54:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/199945/kromek-s-products-gain-traction-across-the-board-199945.html
<![CDATA[Media files - Kromek CEO thrilled with maiden underlying profit in latest full year results ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9750/kromek-ceo-thrilled-with-maiden-underlying-profit-in-latest-full-year-results-9750.html Mon, 02 Jul 2018 08:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9750/kromek-ceo-thrilled-with-maiden-underlying-profit-in-latest-full-year-results-9750.html <![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20180702070005_13700555/ Mon, 02 Jul 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4134/LSE20180702070005_13700555/