Kromek reports booster results

County Durham-based Kromek has reported a rise in revenue of 36%, totalling £8.1m.

A number of key contract wins across the medical imaging, security screening and nucleur detection sectors helped the firm continue to push on with its ambitious growth plans.

The company has now entered into an agreement to raise £9m through a Firm Placing and up to a further £2m through an Open Offer.

Dr Arnab Basu, CEO of Kromek, said: "Kromek achieved another year of strong revenue growth.

"We were adjusted EBITDA positive in the second half reflecting excellent operational progress and increased sales across all our key target markets.

"Our investment in additional sales and marketing resources is bearing fruit as our products gain traction worldwide with strong demand from current and new customers.

"The company is also pleased to simultaneously announce at the same time as these results a firm placing and an open offer to raise up to £11.0m from both existing and new investors.

"The cash raised from this transaction will assist with the execution of our growth strategy and to leverage our established position and strong partnerships with global OEMs and government agencies."


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