Kromek Group PLC Trading Update (6624M)

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RNS Number : 6624M

Kromek Group PLC

01 May 2018

1 May 2018

Kromek Group plc

("Kromek" or the "Company" or the "Group")

Trading Update

Kromek, a radiation detection technology company focusing on the medical, security and nuclear markets, provides the following update on trading for the year ended 30 April 2018 ahead of its full year results to be issued in July 2018.

During the period, Kromek saw growth in sales through executing on its previously-signed agreements as well as commencing delivering on new high-value contracts won during the year. As a result, the Company expects to report revenue growth for the full year and achieve EBITDA breakeven, in-line with market expectations.

The Group's products continue to gain traction in all its business segments from the increasing adoption of CZT-based technology and other products. The Group expects to continue to win new customers and, together with the momentum of contract wins, it expects continued growth in the new financial year.

For further information, please contact:

 
 Kromek Group plc 
 Arnab Basu, CEO                             [phone] 
  Derek Bulmer, CFO                           060 
 Cenkos Securities plc (Nominated Adviser 
  and Joint Broker) 
 Max Hartley (NOMAD) 
  Julian Morse (Sales)                       [phone] 
 Cantor Fitzgerald Europe (Joint Broker) 
 Philip Davies 
  Will Goode                                 [phone] 
 Luther Pendragon Ltd (PR) 
 Harry Chathli 
  Claire Norbury 
  Alexis Gore                                [phone] 
 

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") and other advanced technologies. Using its core technology platforms, 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 radiation detector materials to finished products or detectors, including software, electronics and application specific integrated circuits ("ASICs").

The Group has operations in the UK 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 and https://twitter.com/kromekgroup.

This information is provided by RNS

The company news service from the London Stock Exchange

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May 01, 2018 02:00 ET (06:00 GMT)