StockMarketWire.com - Kromek reported wider losses as a jump in revenue was offset by higher costs.

For the six months ended 31 October, pre-tax losses widened to £2.7m from £2.1m on-year, while revenue increased by 43% to £5.3m.

Product revenue increased by 53% to £4.4m and R&D revenue grew 16% to £1.0m.

Operating costs increased by £0.8m to £5.4m due to the planned recruitment of new staff and marketing costs to drive growth.

Gross margin was 58%, down from 67%, though the previous year's margin growth was 'disproportionately high' amid a US factory, the company said.

Looking ahead, Kromek said it expected to deliver 'significant' revenue growth and operating earnings for full year in line with market expectations.

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