County Durham technology firm Kromek Group has announced a powerful financial turnaround, with first-half revenues soaring past £15 million. The Sedgefield-based company, which specialises in advanced detection systems, saw its performance transformed from a loss to a significant profit.
Financial Turnaround and Strategic Growth
For the six months ending 31 October 2025, Kromek posted unaudited revenues of £15 million, a dramatic increase from £3.7 million in the same period last year. The company moved from a pre-tax loss of £5.7 million to a profit of £3.1 million.
This growth was primarily fuelled by the success of its Advanced Imaging division, where revenue jumped to £10.8 million from just £1.7 million. The board highlighted a landmark agreement with global giant Siemens Healthineers as a key driver, alongside renewed growth in its core imaging business.
To support its expansion, Kromek secured a £6 million revolving credit facility and a £500,000 asset finance facility during the period. The company has since drawn down a further £2 million from its HSBC facility to meet working capital needs.
Innovation in Action: A Newcastle Hospital Prototype
Kromek's innovation pipeline is advancing rapidly, with a focus on a groundbreaking medical project. The firm is part of an Innovate UK-backed programme developing ultra-low dose molecular breast imaging technology.
A prototype detector set has been installed at a hospital in Newcastle and is currently undergoing clinical evaluation. This technology is specifically designed to improve screening and diagnostics for women with dense breast tissue, where traditional mammography is less effective.
The company reported that the technology received excellent results in validation trials conducted with a leading US-based medical clinic. This project is a collaboration with Newcastle Upon Tyne Hospitals NHS Foundation Trust, Newcastle University, and University College London.
Strong Orders in Security and Defence
Beyond medical imaging, Kromek's CBRN (Chemical, Biological, Radiological, Nuclear) detection segment also performed strongly, with revenues more than doubling. Reflecting a heightened global focus on national security, the group has received new CBRN detection orders worth £4.8 million so far this financial year.
These orders come from customers across the UK, Europe, the US, Japan, Canada, and Australasia, with most scheduled for delivery within this financial year. The AIM-listed company, which holds over 190 patents globally, maintains manufacturing operations in both the UK and the US.
Confident Outlook for the Future
Dr Arnab Basu, CEO of Kromek, expressed pleasure at the strong half-year performance across both core divisions. He noted that customers in Advanced Imaging are preparing for next-generation scanner launches, reaffirming the value of Kromek's solutions.
"Looking ahead to the second half of the year, with robust customer engagement and a good order book, we expect the momentum achieved in H1 to continue," Dr Basu stated. The board remains confident in the full-year outlook, expecting to meet market expectations. The directors do not recommend the payment of a dividend at this time.
