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Kromek Group confident of accelerating top-line growth

Last updated: 07:27 05 Feb 2024 GMT, First published: 15:49 31 Mar 2021 BST

Snapshot

  • Kromek awarded £1.3m grant under Horizon Europe
  • Kromek demonstrates nifty footwork to land breathing ventilator deal
  • Kromek gets target upgrade after latest update
  • Kromek Group reports strong first-half momentum as revenue and gross margin expand
nuclear

About the company

Kromek Group PLC provides design and high-volume supply of both hardware and software of CZT solid-state radiation detectors and scintillation radiation detector components and finished products.

The company supplies the medical OEM, civil nuclear and security sectors.

Kromek manufactures in both the UK and the US, supplying worldwide through direct sales and a network of distributors and resellers.

How it is doing

05 Feb 2024

Kromek Group PLC (AIM:KMK), the developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments, has been awarded a £1.3 million grant under the Horizon Europe guarantee scheme.

The grant will see Kromek participate in the Intelligent Radiation Sensor Readout System (i-RASE) project to develop a new class of artificial intelligence-powered radiation sensors.

Led by Denmark’s Department of Space Research and Technology, i-RASE is a collaboration between industrial and academic partners in Denmark, Germany, Norway and Italy to design, build and test a new class of radiation sensor based on cadmium zinc telluride and other advanced technologies.

The aim is to develop a radiation detector that leverages the latest developments in AI to facilitate the retrieval of comprehensive information on incident radiation to improve measurement accuracy and speed, while increasing energy efficiency.

03 Feb 2024

Chatting with Proactive's Stephen Gunnion, Kromek Group PLC (AIM:KMK) CEO Arnab Basu shared an optimistic outlook on the company's first-half financial and operational achievements.

With a spotlight on increased revenue, improved gross margins and a notably reduced loss, Basu's insights offer a glimpse into the strategic directions propelling Kromek towards sustained growth.

30 Jan 2024

Kromek Group PLC (AIM:KMK), a developer of radiation and bio-detection technology solutions, saw steady top-line growth in the six months ending 31 October 2023, with revenues increasing to £7.1 million from £6.8 million in the same period the previous year.

Gross margin growth was the real stand out, with Kromek booking 54.2% compared to 40.4% in the prior year, highlighting enhanced efficiency and cost management strategies.

Insight: Kromek demonstrates nifty footwork to land breathing ventilator deal

16 Apr 2020

Companies are having to take a long hard look at how they operate as they batten down to weather the coronavirus storm.

But that is not always a bad thing.

What the brokers say

30 Jan 2024

Kromek Group PLC (AIM:KMK)'s comment that revenues are expected to grow in line with market expectations of 20% this year implies a sharp pick-up in the second half to around 32%, says Cavendish.

Although this sounds like a tough target, the broker adds because of the recurring contract revenue nature of the business, revenue forecasts are predictable.

Due to that, management has good visibility on 84% of the 2024 forecast, with the remaining 16% coming from the known pipeline of opportunities.

What management says

30 Jan 2024

Kromek Group PLC (AIM:KMK) CEO Arnab Basu joined Proactive's Stephen Gunnion with a breakdown of the company's first-half financial and operational performance.

The company reported increased revenue, improved gross margin, and a notably reduced loss in the first half of the year. Basu attributed this progress to a focus on profitability through cost control and enhanced business margins. He emphasized the growth in advanced imaging and CBRN (Chemical, Biological, Radiological, and Nuclear defense) segments as key drivers.

In Advanced Imaging, Kromek is gaining traction in medical imaging, particularly in SPECT (nuclear medicine modality) and CT (diagnostic imaging). The company has seen a shift towards the adoption of its CZT material in these sectors, enhancing digital spectrums and CT capabilities. This advancement is marked by new product launches and significant partnerships, including with a CT Original Equipment Manufacturer (OEM). Additionally, Spectrum Dynamics, a key customer, launched a new product that enhances market and user capabilities.

Kromek Group reports strong first-half momentum as revenue and gross margin...

Kromek Group PLC (AIM:KMK) CEO Arnab Basu joined Proactive's Stephen Gunnion with a breakdown of the company's first-half financial and operational performance. The company reported increased revenue, improved gross margin, and a notably reduced loss in the first half of the year. Basu...

on 30/1/24