Kromek (AIM: KMK), a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments, provides the following update following the end of its Q3.
As announced in its interim results, Kromek started the second half of the financial year 2023 with increasing commercial momentum whilst delivering on multi-year contracts.
As a result, revenue in Q3 was approximately 50% higher than the corresponding period and Kromek continues to expect substantial revenue growth for FY 2023 compared with FY 2022. The Group is also experiencing improvements in its gross margin due to the product mix sold and expects to report gross margin in its traditional high-40s percentile and be EBITDA positive for H2 2023. The Group continues to trade in line with market expectations, was broadly cash neutral in Q3 and expects to remain so through Q4 2023.
Further details will be provided at the time of the full year results, expected to be in July 2023.