Sedgefield’s Kromek Group predicts record revenues as demand grows

A technology firm known for helping thwart terror plots is on target to record its “highest-ever full-year revenue” thanks to growing demand.

Kromek Group says it is looking to “the future with great confidence” as contract wins complement order renewals across the security, medical and nuclear sectors.

The Sedgefield business works with operators globally, providing radiation detector technology that helps identify extremist threats such as ‘dirty bombs’, supports the diagnosis and treatment of health conditions such as osteoporosis, and scans airport luggage for security risks.

Its portfolio includes a flagship deal with the US’ Defense Advanced Research Projects Agency (DARPA) to help the country’s anti-terrorism measures, for which it was awarded a $6 million extension last year to advance a detection system capable of sensing, analysing and identifying airborne pathogens.

The Durham University spin-out also secured a contract worth more than $17 million to send detection equipment to a US-based international operator.

The agreement followed a development programme that saw NETPark-based Kromek provide a detector system that helped its client identify contaminants during production processes.

 

 

Kromek also previously announced a two-year arrangement to send wearable radiation detection equipment to a US federal entity.

Reflecting on interim results for the first half of its financial year, Dr Arnab Basu, Kromek chief executive, [pictured above] said: “We continued to deliver on our existing contracts, as well as win new and repeat orders in both our advanced imaging and chemical, biological, radiological and nuclear detection segments.

“We also made substantial progress with existing development programmes and initiated new ones with a number of partners.

“While our growth and margin during the period were impacted by challenges related to the supply chain for components, this is being recovered in the second half and we remain on track to deliver a significant increase in revenue for the full year 2022.

“Looking further ahead, we have significantly strengthened our pipeline in the multiple substantial markets in which we operate.

“The board continues to look to the future with great confidence.”