Trading Update

RNS Number : 5101W

Kromek Group PLC

18 April 2023

 

18 April 2023

Kromek Group plc

("Kromek" or the "Group")

Trading Update

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.

For further information, please contact:

Kromek Group plc
Arnab Basu, CEO   Paul Farquhar, CFO	[phone]
finnCap Ltd (Nominated Adviser and Broker to Kromek)
Geoff Nash/Seamus Fricker/George Dollemore - Corporate Finance   Tim Redfern/Charlotte Sutcliffe - ECM	[phone]
Gracechurch Group (Financial PR to Kromek)
Harry Chathli/Claire Norbury	[phone]

Kromek Group plc  

Kromek Group plc is a leading developer of radiation detection and bio-detection technology solutions for the advanced imaging and CBRN detection segments. Headquartered in County Durham, UK, Kromek has manufacturing operations in the UK and US, delivering on the vision of enhancing the quality of life through innovative detection technology solutions.  

The advanced imaging segment comprises the medical, security and industrial markets. Kromek provides its OEM customers with detector components, based on its core cadmium zinc telluride (CZT) platform, to enable better detection of diseases such as cancer and Alzheimer's, contamination in industrial manufacture and explosives in aviation settings.  

In CBRN detection, the Group provides nuclear radiation detection solutions to the global homeland defense and security market. Kromek's compact, handheld, high-performance radiation detectors, based on advanced scintillation technology, are primarily used to protect critical infrastructure and urban environments from the threat of 'dirty bombs'.  

The Group is also developing bio-security solutions in the CBRN detection segment. These consist of fully automated and autonomous systems to detect a wide range of airborne pathogens.  

Kromek is listed on AIM, a market of the London Stock Exchange, under the trading symbol 'KMK'.  

Further information is available at www.kromek.com. 

 

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