Kromek entered 2019/20 in a stronger position than ever before, increasing revenue by 43% in the first half over the previous period. The pandemic caused markets to shut down and materially impacted both the Group’s global customer base and supply chain resulting in overall revenues for full year 2019/20 to be lower than the previous year. However, the mitigation measures and operational progress that Kromek made during the year mean the Group is well-positioned to rebound strongly.
Notwithstanding the impact of the pandemic, the Group made notable progress during the year in the strengthening of its operations. Kromek implemented a substantial expansion programme at its UK headquarters in Sedgefield to increase its cadmium zinc telluride (“CZT”) manufacturing capacity. The Group also continued to gain traction for its next-generation molecular imaging single photon emission computed tomography (“SPECT”) products in medical imaging and its D3S family of products in nuclear detection – which management believe are the key drivers of the Group’s future growth along with newly emerging segment of biological-threat detection.
Arnab Basu, CEO, talks to Proactive London after reporting their final results for the year ending on 30 April 2020. Basu explains that revenue has was £13.1m compared with £14.5m the previous year.
He says despite the challenges of Covid-19, 2019-2020 was ‘operationally a very strong, successful year where the company built upon its plans of building expanded capacity for expansion and manufacturing of CZT both in the UK and the US factory’.
Basu says despite the limitations of Covid-19 the company delivered all that it possibly could, despite a quiet period of 5-6 months, but says ‘business is getting back to normality, productions are ramping up, people are coming back to work and that is all driven by customer demand’.