Kromek Group PLC - Full Year Trading Update and Response to COVID-19
("Kromek" or the "Group")
Full Year 2019/20 Trading Update and Response to COVID-19
Kromek (AIM: KMK), a worldwide supplier of detection technology focusing on the medical, security screening and nuclear markets, provides an update on trading for the 12-month period ended
FY 2019/20 Trading Update
As previously announced in its interim results on
Response to COVID-19
In the middle of
Furthermore, a number of temporary mitigation measures have been implemented to bolster the liquidity of the business and its financial position. Actions taken include the implementation of some organisational restructuring; ceasing all discretionary capital expenditure; curtailing all travel and non-essential spend; and, securing a short-term rent concession on the Group's leased properties. These measures, along with others in the pipeline, are expected to reduce monthly running costs and cash outflow, generating annualised savings of approximately
The Group also leveraged its technical and manufacturing skills in response to increased demand for sophisticated medical equipment such as ventilators. It formed a partnership with
Given the evolving nature of the pandemic and the uncertainty over its length and severity, Kromek is working diligently to assess, plan for and mitigate the potential impact on its core markets by using its technical and manufacturing skills to procure other opportunities in the short-term. As a result, the Group is unable to provide accurate market guidance for FY 2020/2021. The fundamentals of the business remain sound, and the Board is confident in the Group's ability to withstand the current situation, maximise the short-term opportunities and deliver on its long-term growth ambitions.
A further announcement will be made as and when appropriate.
This announcement contains inside information.
For further information, please contact:
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+44 (0)1740 626 060
Cenkos Securities plc (Nominated Adviser and Broker)
+44 (0)20 7397 8900
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+44 (0)20 7618 9100
The Group's products provide high resolution information on material composition and structure and are used in multiple applications, ranging from the identification of cancerous tissues to hazardous materials, such as explosives, and the analysis of radioactive materials.
The Group's business model provides a vertically integrated technology offering to customers, from radiation detector materials to finished products or detectors, including software, electronics and application specific integrated circuits ("ASICs").
The Group has operations in the
Currently, the Group has over one hundred full-time employees across its global operations. Further information on
This information is provided by RNS, the news service of the
Quick facts: Kromek Group PLC
Market Cap: £59.45 m
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