How to resolve AdBlock issue? Kromek releases end of year results
Kromek, a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments, has announced its final results for the year ended 30 April 2022.
Kromk have had a particulalry good year in terms of receiving new, and renewed, contracts for their CBRN products.
Financial Highlights
- Revenue increased 16% to £12.1m (2021: £10.4m)
- Gross margin was 46.7% (2021: 48.4%)
- Adjusted EBITDA loss reduced to £1.2m (2021: £1.7m loss)*
- Loss before tax reduced to £6.1m (2021: £6.3m loss)
- Cash and cash equivalents at 30 April 2022 were £5.1m (30 April 2021: £15.6m)
*A reconciliation of adjusted EBITDA can be found in the Financial Review.
Operational Highlights
Advanced Imaging
- Strong revenue growth with delivery under component supply agreements and increased customer engagement for future projects
- Sustained delivery in medical imaging:
- Ramp up in delivery continued as planned under medical imaging contract expected to be worth US$58.1m over the seven-year life of the contract that was awarded in 2019
- Completed delivery of a US$600k order from an OEM customer for detectors to be used in niche SPECT applications, with further orders expected
- Commenced commercial development engagement with three new strategic OEM customers
- In security screening, the Group completed a two-year US$1.6m project with the US Department of Homeland Security and entered two new commercial development engagements with OEMs
- Signed a seven-year supply agreement, worth up to US$17m, in industrial screening with a US-based OEM and secured a US$250k repeat order from a US-based aerospace and defence company
CBRN Detection
- Significant momentum in nuclear security, with the winning of new and repeat orders and participation in a greater number of tenders reflecting the growth in global government defence spending:
- Awarded a two-year contract, worth up to US$1.6m, by a US federal entity for the D3S-ID wearable nuclear radiation detector – with a further US$300k order received during the year and US$695k post year end
- Repeat orders received from the European Commission for the D3S-ID
- Received orders from three customers for the D5 RIID
- A four-year contract worth £1.7m was received from a UK government agency customer for CBRN detection products and services
- Invested in developing new channels to market, including the signing, post year end, of a distribution agreement with Smiths Detection Inc. for the North and South American markets
- 32 new customers won in the civil nuclear segment
- Significant progress in the development of bio-security solutions:
- Awarded a US$6m contract extension from the Defense Advanced Research Projects Agency (“DARPA”), an agency of the US Department of Defense, to advance the development of a mobile wide-area bio-security system
- Successfully completed piloting in schools, airports and other locations of an airborne COVID-19 detection system under a project funded by Innovate UK and commenced productisation phase