- Detection technology supplier focusing Kromek said it was on track to deliver record revenue in 2022 after reporting narrower annual losses.

For the year ended 30 April 2021, pre-tax losses narrowed to £6.3 million from £18.3 million year-on-year, while revenue fell to £10.4 million from £13.1 million.

Gross margin was 48.4%, up from 47.3%, driven by improvements in yields and efficiencies achieved through the production ramp up, the company said.

Orders and shipments resumed across all segments in final two months of the first half, following the impact of COVID-19, with 'increased commercial activity in the second half, resulting in revenue for H2 2021 being 26% higher than H1 2021,' it added.

Medical imaging segment returned to growth trajectory in the second half of the year.

'As a result, and with excellent visibility over full year forecasts, we are on track to deliver our highest ever annual revenue for the full year to 30 April 2022, representing significant growth over 2021,' the company said.

Story provided by