Kromek Group PLC Trading Update (5101W)
April 18 2023 - 1:01AM
UK Regulatory
TIDMKMK
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 +44 (0)1740 626 060
finnCap Ltd (Nominated Adviser and Broker
to Kromek)
Geoff Nash/Seamus Fricker/George Dollemore
- Corporate Finance
Tim Redfern/Charlotte Sutcliffe - ECM +44 (0)20 7220 0500
Gracechurch Group (Financial PR to Kromek)
Harry Chathli/Claire Norbury +44 (0)20 4582 3500
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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END
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