A GLOBAL leader in advanced radiation and biological detection, Sedgefield-based Kromek, has unveiled a year of record-breaking achievements, with revenues climbing 12 per cent.

Kromek reported a 12 per cent increase in revenue to £19.4m, up from £17.3m in the previous year. Gross margins improved to 55.2 per cent, compared to 51.6 per cent in 2023, alongside a turnaround in adjusted EBITDA, which reached £3.1m from a £1m loss in the prior year.

Additionally, the company reduced its pre-tax loss by more than half, down to £3.5m from £7.3m.

Kromek has experienced growth across its primary markets, with significant achievements in both advanced imaging and CBRN detection (Chemical, Biological, Radiological and Nuclear), including major advancements in medical imaging and progress in biological-threat detection systems – an area Kromek has recently expanded into with a US Department of Homeland Security contract.

In the advanced imaging market, Kromek entered a collaboration with a major technology solutions provider to develop cadmium zinc telluride-based detectors for photon-counting computed tomography (PCCT), a cutting-edge advancement in medical imaging.

The company commenced landmark agreements with Analogic and a tier-one original equipment manufacturer, while securing new orders, including a $1.4m order from an Asian medical imaging OEM and a $2.1m contract for security screening detectors for a US homeland security business.

The CBRN detection sector also showed robust performance, driven by rising global demand for nuclear security solutions amidst heightened geopolitical insecurity.

Kromek secured significant orders, including a £1.4m contract for detectors for the European Commission’s rescEU stockpile and contracts worth up to $2.9m from a US federal agency. Additionally, post-year-end, the company won a £2m contract with the UK Ministry of Defence.

In biological-threat detection, Kromek secured its first US biosecurity contract from the Department of Homeland Security, valued at $5.9m, to develop agent-agnostic bio-detection systems.

Initiatives in automation and production capacity have enabled cost-effective scaling, while Kromek’s IP portfolio strengthened with seven new patent grants and three additional patent applications, increasing its total patent count to over 210.

Dr Arnab Basu, chief executive officer of Kromek, said: “This has been a pivotal 12 months for Kromek where we recorded a third consecutive year of revenue growth and delivered on all our KPIs.

“We achieved record revenues, more than halved our losses and our positive adjusted EBITDA exceeded market expectations. We have actively enhanced our operational efficiencies and seen excellent progress in both advanced imaging and CBRN detection where demand remains strong across both market segments.

“Looking ahead, we anticipate demand for our CBRN products will continue to be driven by global geopolitical insecurity and the persistence of nuclear threats. “Kromek is well positioned to deliver future growth and value for shareholders.”