North East tech company Kromek has seen sales jump 16% to £12.1m on the back of growing traction in the nuclear detection market.
The Durham University spin-out supplies radiation detection products to customers around the world in the medical, security and industrial sectors, and said growing revenues came from existing contracts and development programmes, as well as increased commercial traction. It posted an Ebitda loss of £1.2m on the back of supply chain issues pushing back completion dates, but this was reduced from the previous year’s loss of £1.7m.
Previous pre-tax losses of £6.3m were also narrowed to £6.1m in the year ended April 30. The company, which has manufacturing facilities at NETPark in Sedgefield and Pennsylvania, US, highlighted strong revenue growth in advanced imaging, and that it is continuing to ramp up in delivery of a medical imaging contract expected to be worth $58.1m over seven years.
