REG - Kromek Group PLC - FY 2024 Trading Update

KromekAnnouncement

29/05/2024 07:00

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RNS Number : 2350Q  Kromek Group PLC  29 May 2024

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:

 

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

 Paul Farquhar, CFO

 Cavendish Capital Markets Limited (Nominated Adviser and Broker)        
 Geoff Nash/Giles Balleny/Seamus Fricker - Corporate Finance            +44 (0)20 7220 0500

 Tim Redfern - ECM
 Michael Johnson/Tamar Cranford-Smith - Sales

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

 

 

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 (http://www.kromek.com/)
.

 

 

 

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