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Durham tech firm Kromek secures £1 million advanced imaging order

Prime Highlights-

  • Kromek Group wins a £1 million follow-on order from an existing customer to supply detector components for medical imaging systems.
  • The Durham firm will deliver within 12 months, boosting growth this year and giving visibility into the next financial year.

Key Facts-

  • Kromek reported record revenue of £27.1 million in the year to April 30, up over £500,000.
  • Underlying imaging revenue grew 76 percent to £6.7 million, while security revenue rose 17 percent.

Background-

Kromek Group has secured a £1 million follow-on order from an existing customer in its advanced imaging division.

The company, headquartered at NETPark in Sedgefield, County Durham, will supply detector components for the customer’s medical systems. It expects to deliver the order over the next 12 months.

Chief executive Dr Arnab Basu said the firm is pleased to receive the additional order from an existing original equipment manufacturing customer. He said the deal reflects the strong repeat nature of business in the division, where follow-on orders flow steadily once Kromek designs its detectors into a system. “Delivery of this order will contribute to our growth in the current year, as well as provide visibility into the next financial year,” Basu said.

The order builds on the Durham University spin-out’s record revenues, reported just weeks ago. Annual income rose by more than £500,000 to a best-ever £27.1 million in the year to April 30. Officials said continued demand for its health equipment and for technology that helps security forces stop threats drove the rise.

Underlying revenue in the advanced imaging division grew 76 percent to £6.7 million. The division is known for technology used in scanners that help doctors detect conditions such as Alzheimer’s and osteoporosis.

Revenue in the chemical, biological, radiological and nuclear sector rose 17 percent to £7.3 million. Kromek supplies handheld radiation equipment to security forces worldwide in that sector, and officials highlighted a £829,000 pre-tax profit swing, a clear improvement on the previous year.