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Kromek maintains full year outlook despite wider loss in H1

Radiation detection technology group Kromek reported Monday wider first-half losses but kept its expectations for the full year unchanged following a slew of contract wins.

For the six months ended 31 October 2018, pre-tax losses widened to £2.1m from £1.8m a year earlier and revenue fell 23% to £3.7m.

Post period, the company received its first contract for biological threat detection  a $1.99m contract, awarded by DARPA, to develop, over a 12-month period, a proof-of-concept device for a vehicle-mounted biological-threat identifier.

The company also won a new five-year $7.8m contract from an existing OEM customer to provide 'customised detector modules for incorporation in baggage screening products,' it said.

The company remained confident of achieving full-year growth touting improved visibility of revenue.

'As we continue to deliver on existing contracts as well as win new orders, our visibility of revenue for the next six to 24 months continues to increase, which includes visibility of approximately 86% of the forecast revenue for 2018/19,' said Dr Arnab Basu, CEO of Kromek.

'As a result, the Board is confident of delivering full year revenue growth and positive EBITDA, in line with market expectations.'

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