Business
Half Yearly Report
Half Yearly Report.
About this update from Kromek Group Plc
[{"type":"text","content":"\n \nRNS Number : 1325X Kromek Group PLC 08 January 2014 \n \n\n \nEmbargoed until: 0700hrs, 8 January 2014\nKromek Group plc\nHalf Year Results\nGrowth in all areas and record revenue for H1\n \nKromek Group plc (\"Kromek\" or \"the Group\"), a leading R&D supplier of patented radiation detection technologies and products to the medical, security and nuclear markets, announces its half yearly results for the six months ended 31 October 2013. The Group has achieved more than threefold, year-on-year, revenue growth for the period, driven by the acquisition of eV Products and strong customer demand in all of the Group's three target sectors of Medical Imaging, Security Screening and Nuclear Detection. The Group has significantly improved EBITDA as a result of higher revenues and also strengthened cash reserves following the IPO.\n \nFINANCIAL HIGHLIGHTS\n\n\n\n\n\n\n\nSix months ended \n\n\nSix months ended \n\n\nYear ended\n\n\n\n\n\n\n\nOctober 2013\n\n\nOctober 2012\n\n\nApril 2013\n\n\n\n\n\n\n\n£'000\n\n\n£'000\n\n\n£'000\n\n\n\n\nRevenue\n\n\n2,372\n\n\n710\n\n\n2,691\n\n\n\n\nEBITDA\n\n\n(1,316)\n\n\n(1,980)\n\n\n(773)\n\n\n\n\nCash\n\n\n9,961\n\n\n571\n\n\n309\n\n\n\n\nNet Debt\n\n\n-\n\n\n(500)\n\n\n(2,449)\n\n\n\n\n \nOPERATIONAL HIGHLIGHTS \nAccelerating traction across key sectors with high value customer and contract wins \nMedical Imaging \n· Two year development program worth up to $5.3m in the medical CT market which is valued at $4.3bn as an exclusive partner with one of the top four OEMs in the market. The overall market for CT scanners is estimated to grow to a value of $5.1bn per annum by 2017, offering major opportunities and potential for growth for Kromek.\n· Secured a further $990k contract from another medical imaging OEM following the period end.\n \nSecurity Screening\n· Ten contracts during the period for Bottle Scanners secured from UK airports, building on the installed base in Finland, Germany and Australia. Additional contracts were secured with airport groups from Belgium, Cyprus, Latvia and Portugal following the period end. \n· New European legislation coming into force mandating parti...