StockMarketWire.com - Detection technology supplier Kromek warned on revenue as performance had deteriorated since March owing to the impact of the Covid-19 crisis.

Kromek expected to report revenues of £14.5m, similar to last fiscal year's revenues, and adjusted earnings (EBITDA) were expected to be breakeven after it had experienced a delay in certain projects since the two months from the end of February, and had also been informed that two of its key contracts would now be postponed to the new financial year.

The company said it would continue to deliver on its multi-year contracts, which gave it 'good visibility' over future revenues. At 30 April 2020, Kromek had cash of approximately £10m, including £3m utilised under its revolving credit facility due for renewal in 2024 as well as a £2m five-year term-loan.

The company said it was unable to provide accurate market guidance for fiscal 2020 to 2021, citing uncertainty over the pandemic.

At 8:59am: [LON:KMK] Kromek Group PLC share price was -3.5p at 16.5p



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