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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Kromek Group Plc | LSE:KMK | London | Ordinary Share | GB00BD7V5D43 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 6.25 | 6.00 | 6.50 | 6.25 | 6.25 | 6.25 | 1,344,855 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 17.31M | -6.1M | -0.0102 | -6.13 | 37.52M |
From May 2019 to May 2024
TIDMKMK
RNS Number : 1911J
Kromek Group PLC
16 December 2015
16 December 2015
Kromek Group plc
("Kromek" or the "Group")
Interim Results
Kromek (AIM: KMK), a radiation detection technology Group focusing on the medical, security and nuclear markets, announces its interim results for the six months ended 31 October 2015.
Financial Highlights
-- Revenue of GBP3.2m (H1 2014/15: GBP3.2m) -- Underlying revenue* increased 26% to GBP3.2m (H1 2014/15: GBP2.6m*) -- Gross margin** was 53% (H1 2014/15: 70%), in line with management expectations -- Loss before tax was GBP3.0m (H1 2014/15: GBP2.3m) -- Adjusted EBITDA*** GBP2.2m loss (H1 2014/15: GBP1.6m loss) -- The Group raised GBP10.3m (net) through a Firm Placing and an Open Offer
-- Cash and cash equivalents at 31 October 2015 were GBP7.5m (30 April 2015: GBP1.2m; 31 October 2014: GBP2.9m)
*Underlying revenue reflects the absence of GBP0.6m payment received in the equivalent period last year from a top four OEM in the CT market, which represented the second of two payments made for a two year fixed exclusivity term.
**The above noted GBP0.6m exclusivity payment was also substantially responsible for the high gross margin reported in H1 2014/15.
***Adjusted EBITDA eliminates non-recurring other income and share-based payment expenses.
Operational Highlights
-- New contracts totalling $7.0m were booked in the Medical and Nuclear markets -- Significant contract wins
o Nuclear Detection and Security: secured two new contracts from global Original Equipment Manufacturers (OEMs), with orders totalling $452,000
- Kromek to provide a portfolio of patented nuclear detectors to enhance radiation detection capabilities for security applications
o Medical Imaging: secured two new contracts, totalling $530,000, from existing customers
- The first contract is a repeat order for the supply of its Cadmium Zinc Telluride ("CZT") detectors to a long standing OEM customer in the Single Photon Emission Computed Tomography ("SPECT") market
- The second order is for the delivery of Kromek's ASIC, based on unique intellectual property, to a global player in the medical imaging market
-- Successful delivery of 1,000 units of D3S to DARPA following the expanded agreement announced in April 2015
-- Notified of DARPA's intention to award a sole source contract to Kromek to supply spectroscopic personal radiation detectors in support of DARPA's SIGMA program
-- Launched eVance(TM), a new generation of CZT SPECT Cameras that OEMs can configure into virtually any SPECT imaging system being sold
-- Signed a cross licensing agreement with one of the world's leading manufacturers of medical equipment
-- 32 new patents were granted and 9 new patent applications were filed during the period -- Appointed Sir Peter Williams CBE as Chairman
Post-Period Developments
-- Entered into two agreements with CANBERRA Industries, Inc. ("CANBERRA"), a worldwide provider of nuclear measurement solutions headquartered in the US, for R&D collaboration, worth $900k, and product distribution
-- Announced today, simplification of Board structure to reflect the size of the Group
Dr Arnab Basu, CEO of Kromek, said: "We are pleased to report significant progress made in all three key target areas of CT, SPECT and portable advanced radiation detectors, where our proprietary technologies bring important and differentiated performance advantages. Particularly pleasing is that we report an increase in underlying revenues which more than offset the absence of income we had received last year as part of the exclusivity payment by an OEM, demonstrating the advances made in the underlying business.
"Looking ahead, we have entered the second half with a significantly better visibility of revenue compared to last year. With an increased and diversified customer base, continued progress with global OEM customers, and the doubling of our manufacturing capacity, the Board believes that the Group is well positioned for future growth in the medium and long term."
Enquiries
Kromek Group plc 01740 626 060 Arnab Basu, CEO Derek Bulmer, CFO Cenkos Securities plc 0207 397 8900 Bobbie Hilliam (NOMAD) Julian Morse (Sales) Luther Pendragon 0207 618 9100 Harry Chathli, Claire Norbury, Alexis Gore
About Kromek Group plc
Kromek Group plc is a UK technology Group (global HQ in County Durham) and a leading developer of high performance radiation detection products based on cadmium zinc telluride ("CZT"). Using its core CZT technology, Kromek designs develops and produces x-ray and gamma ray imaging and radiation detection products for the medical, security screening and nuclear markets.
The Group's products provide high resolution information on material composition and structure and are used in multiple applications, ranging from the identification of cancerous tissues to hazardous materials, such as explosives, and the analysis of radioactive materials.
The Group's business model provides a vertically integrated technology offering to customers, from the growth of CZT crystals to finished products or detectors, including software, electronics and application specific integrated circuits ("ASICs").
The Group has operations in the UK, Germany and US (California and Pennsylvania), and is selling internationally through a combination of distributors and direct OEM sales.
Currently, the Group has over one hundred full time employees across its global operations. Further information on Kromek Group is available at www.kromek.com.
Overview
Kromek is pleased to report another period of strong operational progress as it continued to invest in the business in preparation for the expected ramp up in sales. Kromek is benefitting from management's long term strategic decision to align itself with some of the largest global OEMs in its target three markets offering the largest growth opportunities: CT and SPECT in medical imaging and advanced portable networked nuclear detection. The Group continued to establish its position as a key supplier of CZT detection systems both to commercial and government customers globally, winning multiple contracts across all three of its target segments.
In the first half of 2015/16 revenue remained unchanged from the previous interim period at GBP3.2m (H1 2014/15: GBP3.2m). However, underlying revenue grew 26%, more than offsetting the absence of a GBP0.6m contribution (during the equivalent period last year) from a top four OEM in the CT market, made as part of a two year exclusivity arrangement. Gross margin was in line with management expectations at 53% (H1 2014/15: 70%) reflecting the absence of the payment for exclusivity, as well as impact of changing revenue mix.
The underlying sales growth was driven by the Nuclear Detection and the Medical Imaging divisions. In Nuclear Detection, Kromek benefitted from the acceleration and successful delivery of the first high volume production order from the US defense agency, DARPA, for its networked radiation detectors. In Medical Imaging, the Group secured multiple new contracts and continued to progress its contract with a top four global OEM in the CT market.
In addition, Kromek saw the benefits of its continued investment in the business, strengthening its sales channels, its manufacturing capabilities, and doubling the Group's production capacity. The efficiencies achieved in the manufacturing and engineering processes resulted in significant yield improvements and, consequently, a reduction in the cost of production of detector materials and products, in particular the D3 and SPECT platforms. Tight control was maintained over the cost base with administration expenses (including operating expenses) growing by only 3.9% despite the continuing planned investment in sales & marketing and targeted product development.
Operational Review
Medical Imaging
In the Medical Imaging sector, Kromek continued to make excellent progress in the first half securing a number of new contracts, totalling approximately $5.8m, from existing and new customers. This among other contracts includes repeat and new orders for the supply of its CZT detectors in the SPECT and the BMD market. Another was for the delivery of Kromek's ASIC, based on unique intellectual property, to a global player in the medical imaging market. The Group expects to deliver both contracts over the next 36 months. Additionally, the Group gained eight other contracts from UK based and international companies and organisations to be delivered over the next 6 to 36 months.
The Group continued to work with a top four global OEM in the CT market for developing and supplying CZT-based multispectral (colour) detectors for producing high resolution colour X-Ray images by CT scanners. During the period Kromek launched eVance(TM), a new family of CZT SPECT Cameras that OEMs can configure into virtually any SPECT imaging system. This enables OEMs to integrate turn-key CZT cameras into almost all nuclear medical imaging systems being sold today, for the diagnosis of disease based on the detection of radiation emitting from within the body. The Group has continued to receive significant traction for this product from multiple new customers.
Nuclear Detection
In Nuclear Detection the Group took a significant step forward by securing multiple new contracts from new global OEMs and accelerating its programme with DARPA.
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During the period Kromek successfully delivered on its first high volume production order from DARPA for 1,000 of its networked D3S radiation detectors. The expanded contract announced in April 2015 increased the total contracted revenues awarded under this programme to $4.35m to date representing an approximate quadrupling of the contract value since it commenced in August 2014, reflecting the strength of the Group's offer and scalable nature of its projects. Following the successful delivery, DARPA issued a Sole Source Notice announcing its intention to appoint Kromek as sole source supplier under the DARPA SIGMA program. The program with DARPA is to develop an advanced personal detection system for gamma and neutron radiation that can be combined with other such systems to form large networks that can provide information on radiation signatures over an extended area.
As well as accelerating its DARPA program, Kromek secured two new global OEMs as customers in the period, with orders worth a combined $452,000. Kromek will provide the US-based clients with a portfolio of patented nuclear detectors to enhance their radiation detection capabilities for security applications. The majority of the orders for both new contracts are expected to be completed and delivered in the current fiscal year.
Post period, the Group entered into two agreements with CANBERRA Industries, Inc., a worldwide provider of nuclear measurement solutions headquartered in the US, for product distribution and R&D collaboration.
Under the distribution agreement, CANBERRA will be the exclusive global distributor for four product families from Kromek's nuclear portfolio (excluding a limited number of territories where Kromek has pre-existing distributor networks). As an established provider and market leader in nuclear instrumentation, CANBERRA has a wide range of products, strong customer relationships and extensive channels to market that Kromek expects to leverage.
Kromek also entered into a three-year, collaborative R&D program with CANBERRA. The program, which is expected to be worth at least $900k over the life of the contract, will see the two organisations work closely together on new product development and customisation of existing products by utilising Kromek's expertise and IP.
Security Screening
In security screening Kromek continued to benefit from its broadening customer base following its multiple contract wins in 2014/2015. Kromek's bottle scanners are installed in 46 airports and is globally in 10 countries in Asia, Europe and Australia. In addition the Group continues to work with global security groups for the supply of OEM components for a baggage screening product for aviation security. Kromek is also now developing a service revenue from the current installed base.
R&D and Doubling of Manufacturing Capacity
During the period Kromek saw the benefits of the investment in its manufacturing capacity during the year to 30 April 2015 when it successfully replicated in the UK the manufacturing processes that had previously been utilised in the US. This effectively enabled a doubling of the Group's then production capacity and during the period the new manufacturing processes have been running smoothly with improvements in efficiency and yield. This development has enabled the Group to rapidly scale up manufacturing in more than one site with the further benefit of significantly reducing the supply chain risk for its customers.
Kromek continued to invest in R&D to maintain its position as a leader in the provision of CZT-based radiation detection solutions with regards to both technology and cost and to ensure it could deliver on accelerated customer programs such as the DARPA SIGMA program. During the period, the Group was awarded 32 new patents and filed 9 new patent applications, with an additional nine patents being granted post-period.
Financial Review
In the first half of 2015/16 revenue remained unchanged from the previous interim period at GBP3.2m (H1 2014/15: GBP3.2m). However, underlying revenue grew 26% despite the lack of the GBP0.6m exclusivity contribution from a top four OEM in the CT market during the equivalent period last year for exclusivity.
Gross margin, was in line with management expectations at 53% (H1 2014/15: 70%) reflecting the absence of the GBP0.6m payment for exclusivity as noted above, as well as the impact of increased product sales.
Distribution costs and Administrative expenses (including Operating Expenses) increased 3.9% at GBP4.7m (H1 2014/15: GBP4.5m) due to the full six month period effect of the expansion of the sales and marketing expenses, plus expansion of the Group's manufacturing capacity as it seeks to maximise its market opportunity. Due to phasing of expenditure and cost rationalisations, the Group expects to see a reduction of costs during the second half.
Adjusted EBITDA was a loss of GBP2.2m (H1 2014/15: GBP1.6m loss). Loss before tax was GBP3.0m compared with a loss of GBP2.3m in the same period of the previous year.
Adjusted EBITDA is calculated as per the following table:
Hot Features
Premium
Full Year
H1 2015-16 H1 2014-15 2014/15
----------------- ----------- --------------------- -------------------------
GBP'000 GBP'000 GBP'000
----------------- ----------- --------------------- -------------------------
PBT (3,044) (2,289) (3,135)
----------------- ----------- --------------------- -------------------------
Adjustments:-
----------------- ----------- --------------------- -------------------------
Net interest 26 (16) 71
----------------- ----------- --------------------- -------------------------
Depreciation 335 355 673
----------------- ----------- --------------------- -------------------------
Amortisation 365 296 711
----------------- ----------- --------------------- -------------------------
EBITDA (2,318) (1,654) (1,680)
----------------- ----------- --------------------- -------------------------
Share-based
payments 91 92 181
----------------- ----------- --------------------- -------------------------
Other income (5) - (58)
----------------- ----------- --------------------- -------------------------
Adjusted EBITDA (2,232) (1,562) (1,557)
----------------- ----------- --------------------- -------------------------
Investment in product R&D was GBP1.3m (H1 2014/15: GBP0.7m) reflecting the commitment to invest for future growth of the business, capture the market opportunity, and to meet the demands of accelerated customer programmes.
Cash and cash equivalents at 31 October 2015 were GBP7.5m (30 April 2015: GBP1.2m; 31 October 2014: GBP2.9m), supporting working capital movement towards the end of the half year and GBP1.1m of R&D tax credit receipts from 30 April 2015 which is expected early in 2016.
Outlook
Kromek is benefitting from its strategy to invest in the business to prepare for future growth and capture the large existing opportunities in its three key target areas of CT, SPECT and portable advanced radiation detectors where its proprietary technologies bring important and differentiated performance advantages.
Kromek's industry leading technology and products, an increased and diversified customer base, continued progress with new and existing global OEM customers, and the doubling of its manufacturing capacity, positions the Group well for future growth.
There has been increasing interest across all three of the Group's target segments as a result of its established positon, enhanced reputation, and as the benefits of its products gain increased traction and acceptance amongst governments and global OEMs.
Looking ahead, with the Group delivering on its contracts across all segments, an order book that is significantly higher than the equivalent period last year and high visibility of revenues for the financial year 2015/16, 19% higher than at this point last year, gives the Board confidence in continued growth year-on-year, in line with market expectations.
Kromek Group plc
Consolidated condensed income statement
For the six months ended 31 October 2015
Six months Six months Year
ended 31 ended 31 ended
October October 30 April
2015 2014 2015
GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited) (Audited)
Note
Continuing operations
Revenue 4 3,178 3,165 8,101
Cost of sales (1,503) (949) (2,475)
Gross profit 1,675 2,216 5,626
Other operating income 5 - 60
Distribution costs (84) (119) (226)
Administrative expenses (including
operating expenses) (4,614) (4,402) (8,524)
Operating loss (3,018) (2,305) (3,064)
Finance income 1 16 31
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Finance costs (27) - (102) Loss before tax (3,044) (2,289) (3,135) Tax 5 662 499 989 Loss from continuing operations (2,382) (1,790) (2,146) Losses per share -basic and diluted (GBP) 7 (0.02) (0.01) (0.02)
Kromek Group plc
Consolidated condensed statement of comprehensive income
For the six months ended 31 October 2015
Six months Year
Six months
ended ended
31 October 31 October ended
30 April
2015 2014 2015
GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited) (Audited)
Loss for the period (2,382) (1,790) (2,146)
------------- ------------- -----------
Exchange (losses)/gains on
translation of foreign operations (22) 162 398
Total comprehensive losses
for the period (2,404) (1,628) (1,748)
============= ============= ===========
Kromek Group plc
Consolidated condensed statement of financial position
For the six months ended 31 October 2015
Six months Six months Year
ended 31 ended 31 ended
October October 30 April
2015 2014 2015
Note GBP'000 GBP'000 GBP'000
Non-current assets (Unaudited) (Unaudited) (Audited)
Goodwill 1,275 1,275 1,275
Other intangible assets 9,822 7,686 8,725
Property, plant and
equipment 8 3,948 3,467 4,147
15,045 12,428 14,147
Current assets
Inventories 2,295 2,330 2,103
Trade and other receivables 4,046 3,057 4,089
Current tax assets 1,605 449 1,002
Cash and bank balances 7,485 2,864 1,183
15,431 8,700 8,377
Total assets 30,476 21,128 22,524
Current liabilities
Trade and other payables (4,182) (3,802) (4,143)
Finance lease liabilities (20) (19)
Borrowings (1,006) - (1,003)
(5,208) (3,802) (5,165)
Net current assets 10,223 4,898 3,212
Non-current liabilities
Finance lease liabilities - - (10)
Deferred tax liabilities (1,098) (1,093) (1,147)
Total liabilities (6,306) (4,895) (6,322)
Net assets 24,170 16,233 16,202
Equity
Share capital 10 1,522 1,082 1,082
Share premium account 44,484 34,643 34,643
Capital redemption
reserve 1,175 1,175 1,175
Translation reserve (106) (320) (84)
Retained earnings (22,905) (20,347) (20,614)
Total equity 24,170 16,233 16,202
Kromek Group plc
Consolidated condensed statement of changes in equity
For the six months ended 31 October 2015
Equity attributable to equity holders
of the Group
Share Capital
Share Premium Redemption Translation Retained
Capital Account Reserve Reserve Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 May
2015 1,082 34,643 1,175 (84) (20,614) 16,202
Loss for the period - - - - (2,382) (2,382)
Other comprehensive
income for the
period - - - (22) - (22)
Total comprehensive
losses for the
period - - - (22) (2,382) (2,404)
Issue of share
capital net of
expenses 440 - - - - 440
Premium on shares
issued less expenses - 9,841 - - - 9,841
Credit to equity
for equity-settled
share based payments - - - - 91 91
Balance at 31
October 2015 1,522 44,484 1,175 (106) (22,905) 24,170
Balance at 1 May
2014 1,080 34,612 1,175 (482) (18,649) 17,736
Loss for the period - - - - (1,790) (1,790)
Other comprehensive
income for the
period - - - 162 - 162
Total comprehensive
losses for the
period - - - 162 (1,790) (1,628)
Issue of share
capital net of
expenses 2 - - - - 2
Premium on shares
issued less expenses - 31 - - - 31
Credit to equity
for equity-settled
share based payments - - - - 92 92
Balance at 31
October 2014 1,082 34,643 1,175 (320) (20,347) 16,233
Balance at 1 May
2014 1,080 34,612 1,175 (482) (18,649) 17,736
Loss for the year - - - - (2,146) (2,146)
Other comprehensive
income for the
period - - - 398 - 398
Total comprehensive
losses for the
year - - - 398 (2,146) (1,748)
Issue of share
capital net of
expenses 2 31 - - - 33
Credit to equity
for equity-settled
share based payments - - - - 181 181
Balance at 30
April 2015 1,082 34,643 1,175 (84) (20,614) 16,202
Kromek Group plc
Consolidated condensed statement of cash flows
For the six months ended 31 October 2015
Six months Six months Year
ended ended 31 ended
31 October October 30 April
2015 2014 2015
Note GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited) (Audited)
Net cash from operating
activities 9 (2,333) (1,384) (2,361)
Investing activities
Interest received 1 16 31
Purchases of property, plant
and equipment (96) (1,396) (2,558)
Purchases of patents and
trademarks (171) (299) (368)
Capitalisation of research
and development costs (1,296) (744) (1,886)
Net cash used in investing
activities (1,562) (2,423) (4,781)
Financing activities
Revolving credit facility - - 1,000
Government grants - - 857
Proceeds on issue of shares 10,280 33 33
Payment of finance lease
liabilities (9) - (12)
Interest paid (27) - (102)
Net cash from financing
activities 10,244 33 1,776
Net increase/(decrease)
in cash and cash equivalents 6,349 (3,774) (5,366)
Cash and cash equivalents
at beginning of period 1,183 6,563 6,563
Effect of foreign exchange
rate changes (47) 75 (14)
Cash and cash equivalents
at end of period 7,485 2,864 1,183
Kromek Group plc
Notes to the unaudited interim statements
For the six months ended 31 October 2015
1. Basis of preparation
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This interim financial report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The auditors reported on the Kromek Group plc accounts for the year ended 30 April 2015; their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006. The Group's consolidated annual financial statements for the year ended 30 April 2015 have been filed with the Registrar of Companies and are available on the Group's website www.kromek.com.
The accounting policies used in this interim financial report are consistent with International Financial Reporting Standards. The same accounting policies, presentation and methods of computation are followed in this condensed set of financial statements as applied in the Group's latest annual audited financial statements other than standards, amendments and interpretations which became effective after 1 May 2015 and were adopted by the Group. These have had no significant impact on the Group's result for the period or its equity.
The condensed set of financial statements included in this interim report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union.
This interim report for the period ending 31 October 2015 was approved by the Board of Directors on 15 December 2015.
2. Going concern
The directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the interim financial statements.
3. Interim report
The interim report and the interim announcement will be available from the Group's website at www.kromek.com.
Kromek Group plc
Notes to the unaudited interim statements (continued)
For the six months ended 31 October 2015
4. Business and geographical segments
Products and services from which reportable segments derive their revenues
For management purposes, the Group is organised into two business units (UK and USA) and it is on these operating segments that the Group is providing disclosure.
The chief operating decision maker is the Board of Directors who assess performance of the segments using the following key performance indicators; revenues, gross profit and operating profit. The amounts provided to the Board with respect to assets and liabilities are measured in a way consistent with the Financial Statements.
The turnover, profit on ordinary activities and net assets of the Group are attributable to one business segment, i.e. the development of digital colour x-ray imaging enabling direct materials identification, as well as developing a number of detection products in the industrial and consumer markets.
Analysis by geographical area
A geographical analysis of the Group's revenue by destination is as follows:
Six months Six months Year
ended ended ended
31 October 31 October 30 April
2015 2014 2015
GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited) (Audited)
United Kingdom 201 165 387
North America 2,379 2,221 5,681
South America - - 11
Middle East - - 18
Asia 447 723 1,899
Europe 151 35 66
Australasia - 21 39
Total revenue 3,178 3,165 8,101
Kromek Group plc
Notes to the unaudited interim statements (continued)
For the six months ended 31 October 2015
4. Business and geographical segments (continued)
A geographical analysis of the Group's revenue by origin is as follows:
Six months ended 31 October 2015
UK Operations USA Operations Total
GBP'000 GBP'000 for Group
GBP'000
Revenue from sales
Revenue by segment:
-Sale of goods and services 1,817 884 2,701
-Revenue from grants 148 - 148
-Revenue from contract customers 357 213 570
Total sales by segment 2,322 1,097 3,419
Removal of inter-segment sales (151) (90) (241)
-------------- --------------- -----------
Total external sales 2,171 1,007 3,178
============== =============== ===========
Segment result - operating
loss (1,221) (1,797) (3,018)
Net interest (25) (1) (26)
Loss before tax (1,246) (1,798) (3,044)
Tax credit 662 - 662
-------------- --------------- -----------
Loss for the year (584) (1,798) (2,382)
============== =============== ===========
Other information
Property, plant and equipment
additions 122 14 136
Depreciation of PPE 148 187 335
Intangible asset additions 860 602 1,462
Amortisation of intangible
assets 187 178 365
-------------- --------------- -----------
Balance Sheet
Total assets 24,214 6,262 30,476
-------------- --------------- -----------
Total liabilities (3,984) (2,322) (6,306)
-------------- --------------- -----------
Inter-segment sales are charged at prevailing market prices.
No impairment losses were recognised in respect of property, plant and equipment and goodwill.
Kromek Group plc
Notes to the unaudited interim statements (continued)
For the six months ended 31 October 2015
4. Business and geographical segments (continued)
Six months ended 31 October 2014
UK Operations USA Operations Total
GBP'000 GBP'000 for Group
GBP'000
Revenue from sales
Revenue by segment:
-Sale of goods and services 855 2,579 3,434
-Revenue from grants 55 - 55
-Revenue from contract customers 285 574 859
-Other revenue - 608 608
-------------- --------------- -----------
Total sales by segment 1,195 3,761 4,956
Removal of inter-segment sales (197) (1,594) (1,791)
-------------- --------------- -----------
Total external sales 998 2,167 3,165
============== =============== ===========
Segment result - operating
loss (2,159) (146) (2,305)
Net interest 16 - 16
Loss before tax (2,143) (146) (2,289)
Tax credit 499 - 499
-------------- --------------- -----------
Loss for the period (1,644) (146) (1,790)
============== =============== ===========
Other information
Property, plant and equipment
additions 1,278 118 1,396
Depreciation of PPE 154 201 355
Intangible asset additions 665 300 965
Amortisation of intangible
assets 134 162 296
-------------- --------------- -----------
Balance Sheet
Total assets 14,127 7,001 21,128
-------------- --------------- -----------
Total liabilities (3,781) (1,114) (4,895)
-------------- --------------- -----------
The accounting policies of the reportable segments are the same as the Group's accounting policies. Segment profit represents the profit earned by each segment without allocation of the share of profits of associates, central administration costs including directors' salaries, investment revenue and finance costs, and income tax expense. This is the measure reported to the Group's Chief Executive for the purpose of resource allocation and assessment of segment performance.
Kromek Group plc
Notes to the unaudited interim statements (continued)
For the six months ended 31 October 2015
5. Tax
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