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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