Detection tech firm Kromek says it is on track to generate substantial revenue growth this year having seen a 50% rise in its third quarter results.
The Sedgefield-based maker of radiation detection and bio-detection equipment told investors on the London Stock Exchange that it was experiencing "momentum" and had seen improvements in its gross margin due to the mix of products it has sold. Kromek said it now expected to be EBITDA positive in the second half of 2023.
It follows results published in January in which the firm said EBITDA losses had widened from £600,000 to £2.7m on the back of inflation-related costs and foreign exchange movements. In its latest update, Kromek said it had been trading broadly cash neutral and expected that to continue throughout the final quarter of this year.
