Tech & Trends
Sedgefield’s Kromek hails ‘enhanced foundations for growth’ after record revenues
July 28, 2023
A technology firm known for helping thwart terror plots says it is “looking to the future with confidence” after chalking up record revenues.
Kromek enjoyed its best-ever performance in the nuclear security, where its wearable radiation detectors are used by security forces to foil extremist acts such as ‘dirty bombs’.
The successes helped revenue at the Sedgefield-based business rise 44 per cent to £17.3 million in the year to April 30.
Its security sector advances were fuelled by headline deals worth around £2.3 million to supply radiation equipment to US government customers, while it also picked up two contracts worth £1.5 million to send apparatus to Europe.
And the NETPark firm has since been awarded a contract worth more than £1 million in the Asian civil nuclear market.
- ‘We’re right at the beginning of the next phase of our journey’ – Read North East Times Magazine’s feature interview with Kromek chief executive Dr Arnab Basu on the firm’s first 20 years, its strong growth prospects and why Sedgefield will always be home
Elsewhere, bosses say the business, which was formed 20 years ago as a Durham University spinout, made considerable strides in the healthcare sector, with clamour for its technology – which is used in scanners to help diagnose conditions such as osteoporosis – augmented by £2.5 million Innovate UK support to help develop breast imaging equipment.
Dr Arnab Basu, chief executive [pictured, above], said: “We are pleased to have delivered record revenues, with significant growth in advanced imaging and chemical, biological, radiological and nuclear detection.
“During the year, we experienced our highest levels of customer engagement.
“Accordingly, we ended the year strongly, with enhanced foundations for future growth.
“We entered the 2024 financial year with a much-strengthened balance sheet and heightened commercial momentum, and we anticipate a strong year-on-year increase in revenue.”