Kromek loss widens during first half

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Kromek loss widens during first half
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Detection technology firm Kromek (LON:KMK) saw revenues for the six months ended 31st October drop to £3.7 million from £4.8 million during the same period of last year. Gross margins improved by 400 basis points, but the company’s loss before taxation widened to £2.1 million.

CEO Dr. Arnab Basu said: “Over the last three fiscal years we have won $80m of contracts, across all of our core sectors, demonstrating the successful conversion of our growing order pipeline. They also demonstrate the strong and long-lasting partnerships that we are continuing to build with our commercial and large government customers across the globe.

“As we continue to deliver on existing contracts as well as win new orders, our visibility of revenue for the next six to 24 months continues to increase, which includes visibility of approximately 86% of the forecast revenue for 2018/19. As a result, the Board is confident of delivering full year revenue growth and positive EBITDA, in line with market expectations“.

The price of Kromek shares fell by 3.64% to 26.50p (as of 13:45 GMT).

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