FY 2024 Trading Update

Kromek Group PLC

29 May 2024

 

29 May 2024

Kromek Group plc

("Kromek" or the "Group")

FY 2024 Trading Update

Expected to report record revenues; EBITDA to be ahead of market expectations

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 on trading for the 12-month period ended 30 April 2024.

As announced in its interim results, Kromek started the second half of FY 2024 with increasing commercial momentum whilst delivering on multi-year contracts. Both the advanced imaging and CBRN detection segments showed increased commercial traction and the Group expects to report record revenues for FY 2024.

Kromek is also experiencing improvements in its gross margin due to the product mix sold. The Group continues to exert tight cost control whilst driving further operational efficiencies, particularly within its advanced imaging manufacturing process. Consequently, Kromek expects to report positive EBITDA for FY 2024, and ahead of market expectations.

Further details will be provided at the time of the full year results, expected to be released in September 2024.

For further information, please contact:

Kromek Group plc
Arnab Basu, CEO  Paul Farquhar, CFO	[phone]
Cavendish Capital Markets Limited (Nominated Adviser and Broker)
Geoff Nash/Giles Balleny/Seamus Fricker - Corporate Finance  Tim Redfern - ECM	[phone]
Michael Johnson/Tamar Cranford-Smith - Sales
Gracechurch Group (Financial PR)
Harry Chathli/Claire Norbury/Henry Gamble	[phone]

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Group's obligations under Article 17 of MAR. The person responsible for making this announcement on behalf of the Group is Paul Farquhar, Chief Financial Officer.

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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