29 May 2024
Kromek Group
plc
("Kromek"
or the "Group")
FY 2024 Trading Update
Expected to report record revenues;
EBITDA to be ahead of market expectations
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 on trading for the 12-month period ended 30 April
2024.
As announced in its interim results,
Kromek started the second half of FY 2024 with increasing
commercial momentum whilst delivering on multi-year contracts. Both
the advanced imaging and CBRN detection segments showed increased
commercial traction and the Group expects to report record revenues
for FY 2024.
Kromek is also experiencing
improvements in its gross margin due to the product mix sold. The
Group continues to exert tight cost control whilst driving further
operational efficiencies, particularly within its advanced imaging
manufacturing process. Consequently, Kromek expects to report
positive EBITDA for FY 2024, and ahead of market
expectations.
Further details will be provided at
the time of the full year results, expected to be released in
September 2024.
For
further information, please contact:
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Kromek Group
plc
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Arnab Basu, CEO
Paul Farquhar,
CFO
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+44 (0)1740 626 060
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Cavendish Capital Markets Limited (Nominated Adviser and
Broker)
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Geoff Nash/Giles Balleny/Seamus
Fricker - Corporate Finance
Tim Redfern - ECM
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+44 (0)20
7220 0500
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Michael Johnson/Tamar Cranford-Smith - Sales
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Gracechurch Group
(Financial PR)
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Harry Chathli/Claire Norbury/Henry Gamble
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+44 (0)20 4582 3500
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This announcement contains inside information for the
purposes of Article 7 of Regulation (EU) 596/2014 as it forms part
of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Group's obligations under Article 17 of MAR. The person
responsible for making this announcement on behalf of the Group is
Paul Farquhar, Chief Financial Officer.
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.