Kromek Group announced its third year of rising sales thanks to growth in demand at its nuclear detection and medical imaging arms.
Revenues in the twelve months ending April 2024 rose 12% to £19.4 million with higher margins helping underlying earnings [EBITDA] swing to a £3.1 million profit while pre-tax losses halved to £3.5 million.
Arnab Basu, chief executive, described it as a 'pivotal year' for the AIM-listed business.
“We have actively enhanced our operational efficiencies and seen excellent progress in both advanced imaging [medical]and CBRN [nuclear] detection where demand remains strong across both market segments," he added.
Kromek will be broadly cash-neutral in the first half of this year he commented, while adding it has sufficient capital to deliver further growth in 2025.
Basu noted that global geopolitical insecurity and the persistence of nuclear threats are helping the CBRN side.
In medical imaging, commercialisation of SPECT, CT and BMD by major manufacturers utilising Kromek’s CZT technology should translate into “increased collaborations, strategic partnerships and more contracts for the advanced imaging segment”, he added.
Separately, Kromek added that it had taken out an additional £4.9m secured term loan with Polymer, an investment vehicle controlled by Graeme Speirs, a significant shareholder and a current finance provider to the company.
The loan carries the same terms as and adds to an existing £5.5 million term-secured debt facility.