Kromek reports record breaking revenue for third year running

Sedgefield-based Kromek has announced record-breaking revenues in what bosses have called a “pivotal year”.

The technology firm has seen revenue increase by 12 per cent to £19.4 million, up from £17.3 million in the previous year.

Gross margins improved to 55.2 per cent, compared to 51.6 per cent in 2023, alongside a turnaround in adjusted EBITDA, which reached £3.1 million from a £1 million loss the prior year.

The company also reduced its pre-tax loss down to £3.5 million from £7.3 million.

Dr Arnab Basu, Kromek chief executive, said: “We achieved record revenues, more than halved our losses and our positive adjusted EBITDA exceeded market expectations.

“We have actively enhanced our operational efficiencies and seen excellent progress in both advanced imaging and CBRN detection where demand remains strong across both market segments.

“Looking ahead, we anticipate demand for our CBRN products will continue to be driven by global geopolitical insecurity and the persistence of nuclear threats.

“Also, an acceleration in the development and commercialisation of SPECT, CTand BMD utilising CZT by major OEMs is expected to translate into increased collaborations, strategic partnerships and more contracts for the advanced imaging segment.

“Consequently, Kromek is well positioned to deliver future growth and value for shareholders.”