- Kromek's revenues increased 7.5% to £9.0m in the year to the end of April with product sales accounting for 74% of the total - a growth year-on-year of 23%.

Kromek - a radiation detection technology company focused on the medical, security screening and nuclear markets - posted a pre-tax loss of £3.8m, down from £4.1m last time.

Chief executive Dr Arnab Basu said: "We are pleased with the growth in revenues this year, reflecting the delivery of long-term contracts won in previous years and contracts won during the year.

"Kromek is at the leading-edge in developing commercially-viable radiation detection solutions and this has, in turn, enabled our customers to successfully launch their new generation of clearly differentiated products in a wide range of markets.

"Consequently, revenues from the sale of our products now accounts for nearly three quarters of our revenues.

"In the 2017/18 fiscal year, Kromek is seeing a step change across all its business segments as we continue to execute on the large-scale contracts that have been secured over the last 24 months.

"Additionally, we expect OEM customers to launch products incorporating our technology, prompting additional orders to be placed as sales of these products accelerate.

"As a result, the Group expects to report year-on-year revenue growth of approximately 40%, in-line with market expectations."

Story provided by