StockMarketWire.com - Kromek - a radiation detection technology company focusing on the medical, security and nuclear markets - saw progress across all its target sectors in the six months to the end of October.

Revenues rose by 33% to £3.2m and pre-tax losses narrowed to £2.3m from £2.5m. The company reported an adjusted loss before interest, tax, depreciation and amortisation of £1.6m - down from £2.0m last time.

Chief executive Dr Arnab Basu said: "We are pleased to report another half year of growth against the comparative period as a result of sustained progress in Kromek's product portfolio approach whilst advancing our strategy of becoming the preferred component supplier to major OEMs in CT and SPECT and in the supply of network sensors in nuclear markets. This has been achieved both by establishing new partnerships and strengthening our existing relationships.

"Looking ahead, investment in enhancing our sales and marketing function is resulting in increased interest in Kromek's products and technology from a greater number of companies and organisations. We continue to be subject to fluctuations in the timing of certain contracts and revenue recognition as well as the impact of seasonality, with the procurement cycle of many customers resulting in sales being weighted to the second half of the current financial year.

"Despite this, the company remains confident that it can deliver in excess of 100% revenue growth from the first half to second half of the current financial year. Additionally, the company expects to be EBITDA positive for the second half of this year."

The company also announced that it has been awarded a modification to its existing contract with the US Defense Advanced Research Projects Agency, an agency of the U.S. Department of Defense with responsibility for maintaining the technological superiority of the US military, for the development of radiation network detectors. The programme with DARPA, which commenced in August 2014, is to develop an advanced portable detection system for gamma and neutron radiation that can be combined with other such systems to form large networks that can provide information on radiation signatures over an extended area. The extension, worth up to $1.1m over 16 months, includes the supply of additional Kromek detector systems and further development of ASIC capabilities.




At 9:07am: [LON:KMK] Kromek Group PLC share price was +1p at 37.5p



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