Kromek Group plc, the Sedgefield-based technology company, has announced that is on track to significantly increase revenue in the full year 2022.
The company’s interim results for the first half of the financial year have shown continue delivery of existing contracts, alongside new and repeat orders. Although the announcement reveals the company was impacted by supply chain related challenges for components, it is confident about achieving its highest ever full year revenue by the year end.
Dr Arnab Basu, CEO of Kromek, said: “During the first half of the 2022 financial year, we continued to deliver on our existing contracts as well as win new and repeat orders in both our advanced imaging and chemical, biological, radiological and nuclear (CBRN) detection segments. We also made substantial progress with our existing development programmes and initiated new programmes with a number of strategic partners. While our growth and margin during the period were impacted by challenges related to the supply chain for components, this is being recovered in the second half and we remain on track to deliver a significant increase in revenue for full year 2022, in line with market expectations, with visibility of over 90% of full year forecasts. This would represent our highest ever full year revenue with growth in both segments.
“Looking further ahead, we have significantly strengthened our pipeline in the multiple substantial markets in which we operate. We offer our customers a differentiating technology that supports early medical diagnosis to improve patient outcomes and government vigilance to the threat of terrorism – which are long-term growth drivers. As a result, the Board continues to look to the future with great confidence.”
- Kromek delivered on existing contracts, won new orders and experienced greater customer engagement regarding future projects in both of its advanced imaging and CBRN detection segments
- Signed a seven-year supply agreement, worth up to $17m, to provide industrial screening
- Awarded a two-year contract worth up to $1.6m by a US federal entity for the D3S-ID wearable nuclear radiation detector
- Received a £173,000 order for the D5 RIID high-performance handheld radiation detector from a UK government-related customer
- Awarded a $6m contract extension from the Defense Advanced Research Projects Agency (“DARPA”), an agency of the US Department of Defense, to advance the development of a mobile wide-area bio-security system capable of detecting and identifying airborne pathogens
- Successfully completed piloting in schools, airports and other locations of an airborne COVID-19 detection system under a project funded by Innovate UK
- 15 new customers won in the civil nuclear market
- Three new patents were filed and three were granted during the period
Kromek Group plc, a spinout from Durham University founded in 2003, is located in NetPark, Sedgefield. The company produces radiation detectors for both civil and nuclear security purposes; world-leading medical imaging capabilities, and is pioneering bio-security technology which could deliver a global early warning system for future pandemics.