Kromek losses narrow

Kromek - a radiation detection technology company focusing on the medical, security and nuclear markets - reports a pre-tax loss of £1.8m for the six months to the end of October, 41% down from a year ago.

Revenue rose by 19% to £3.8m while gross margin was maintained at 53%.

Chief executive Dr Arnab Basu said: "We are pleased to report another period of strong operational progress, continuing the momentum from the previous year as we executed on the significant contracts won in all of our three markets of medical imaging, nuclear detection and security screening. We saw high growth in the number of products sold compared with the same period last year and, equally important, a number of R&D programmes have moved into full commercialisation phase.

"Looking ahead, we have entered the second half with significant visibility over revenue in excess of 85% of full year market expectations. Overall, our products continue to gain commercial traction in all of our business segments with new customers as well as deepening our relationships with existing customers. This underpins the management team's belief in the sustained growth of the business and commercial traction resulting from the increasing adoption of CZT-based technology and other products. Consequently, the Board looks to the future with confidence."