StockMarketWire.com - Kromek - a radiation detection technology group focusing on the medical, security and nuclear markets - posts pre-tax losses of £3.0m for the six months to the end of October, up from £2.3m last time.

Underlying revenue increased 26% to £3.2m (H1 2014/15: £2.6m) but gross margins fell to 53% (H1 2014/15: 70%), in line with management expectations.

Chief executive Dr Arnab Basu said: "We are pleased to report significant progress made in all three key target areas of CT, SPECT and portable advanced radiation detectors, where our proprietary technologies bring important and differentiated performance advantages. Particularly pleasing is that we report an increase in underlying revenues which more than offset the absence of income we had received last year as part of the exclusivity payment by an OEM, demonstrating the advances made in the underlying business. "Looking ahead, we have entered the second half with a significantly better visibility of revenue compared to last year. With an increased and diversified customer base, continued progress with global OEM customers, and the doubling of our manufacturing capacity, the Board believes that the Group is well positioned for future growth in the medium and long term."

The group also announced that non-executive directors Prof Max Robinson, Prof Brian Tanner, Charlotta Ginman and Peter Bains are stepping down with immediate effect.

Robinson and Tanner will be the founding members of the science advisory committee starting in early 2016 and continue to advise the company in that capacity.

The company says the reduction in the size of the board reflects a major step in the objective of creating a more efficient, lean and focussed board, which is best equipped to move the company forward into the next stage of its development.






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