REG - Kromek Group PLC - Trading Update

KromekAnnouncement

18/04/2023 07:15

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RNS Number : 5101W  Kromek Group PLC  18 April 2023

18 April 2023

 

Kromek Group plc

("Kromek" or the "Group")

 

Trading Update

 

Kromek (AIM: KMK), a leading developer of radiation and bio-detection
technology solutions for the advanced imaging and CBRN detection segments,
provides the following update following the end of its Q3.

 

As announced in its interim results, Kromek started the second half of the
financial year 2023 with increasing commercial momentum whilst delivering on
multi-year contracts.

 

As a result, revenue in Q3 was approximately 50% higher than the corresponding
period and Kromek continues to expect substantial revenue growth for FY 2023
compared with FY 2022. The Group is also experiencing improvements in its
gross margin due to the product mix sold and expects to report gross margin in
its traditional high-40s percentile and be EBITDA positive for H2 2023. The
Group continues to trade in line with market expectations, was broadly cash
neutral in Q3 and expects to remain so through Q4 2023.

 

Further details will be provided at the time of the full year results,
expected to be in July 2023.

 

 

For further information, please contact:

 

 Kromek Group plc
 Arnab Basu, CEO                                                   +44 (0)1740 626 060

 Paul Farquhar, CFO

 finnCap Ltd (Nominated Adviser and Broker to Kromek)               
 Geoff Nash/Seamus Fricker/George Dollemore - Corporate Finance    +44 (0)20 7220 0500

 Tim Redfern/Charlotte Sutcliffe - ECM

 Gracechurch Group (Financial PR to Kromek)
 Harry Chathli/Claire Norbury                                      +44 (0)20 4582 3500

Kromek Group plc

 

Kromek Group plc is a leading developer of radiation detection and
bio-detection technology solutions for the advanced imaging and CBRN detection
segments. Headquartered in County Durham, UK, Kromek has manufacturing
operations in the UK and US, delivering on the vision of enhancing the quality
of life through innovative detection technology solutions.

 

The advanced imaging segment comprises the medical, security and industrial
markets. Kromek provides its OEM customers with detector components, based on
its core cadmium zinc telluride (CZT) platform, to enable better detection of
diseases such as cancer and Alzheimer's, contamination in industrial
manufacture and explosives in aviation settings.

 

In CBRN detection, the Group provides nuclear radiation detection solutions to
the global homeland defense and security market. Kromek's compact, handheld,
high-performance radiation detectors, based on advanced scintillation
technology, are primarily used to protect critical infrastructure and urban
environments from the threat of 'dirty bombs'.

 

The Group is also developing bio-security solutions in the CBRN detection
segment. These consist of fully automated and autonomous systems to detect a
wide range of airborne pathogens.

 

Kromek is listed on AIM, a market of the London Stock Exchange, under the
trading symbol 'KMK'.

 

Further information is available at www.kromek.com (http://www.kromek.com/)
.

 

 

 

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