Kromek Group PLC (AIM:KMK) said on Thursday it expects to report full-year revenue and profit ahead of market expectations, after what it called a “transformational” 12 months.
The AIM-listed developer of radiation and bio-detection technology said revenue for the year to 30 April would exceed £26 million, representing growth of at least 34% year-on-year. Profit before tax is also set to come in slightly above expectations.
The improvement was driven by strong performance across both of Kromek’s key divisions.
In its Advanced Imaging segment, the group signed a major partnership with Siemens Healthineers, securing an initial $25 million payment as part of a wider $37.5 million deal. The balance is due over the next four years.
In the CBRN Detection business, revenue more than doubled in the second half of the year compared to the first, helped by a rebound in government activity.
Kromek secured two significant agreements with UK public sector bodies, including a Ministry of Defence contract and a place on a new four-year framework for nuclear security technology.
The group also made progress internationally, delivering new orders in the US and Europe and continuing to execute multi-year contracts in bio-security for UK and US government agencies.
Net debt was reduced to £0.5 million from £12.3 million at the end of October. The company said it expects to report a net cash position in line with market expectations.
In a separate announcement, Kromek said it has appointed Claire Burgess as chief financial officer and company secretary, effective 1 June.
She will succeed Paul Farquhar, who is retiring from the business. To ensure a smooth transition, she will join the company on 12 May for a handover period.
Burgess brings more than a decade of senior financial experience across the UK and US, with a focus on engineering and technology. She was most recently financial director at Advanced Electric Machines Group, and has also served as CFO at JB Processing and TBGS Holdings.