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Highlights
Kromek delivered its first profit before tax of £3.1m, compared to a £3.5m loss in the prior year.
Group revenue rose 37% year-on-year to £26.5m, with Advanced Imaging more than doubling.
Balance sheet improved with repayment of £11.4m in loans and additional funding secured post year end.
Kromek Group plc (AIM:KMK), a developer of radiation and bio-detection technologies for advanced imaging and CBRN detection markets, announced its results for the year ended 30 April 2025. The Group reported revenue of £26.5 million, up 37% from £19.4 million in 2024.
Advanced Imaging revenue surged to £20.3 million from £9.0 million a year earlier, supported by major agreements including with Siemens Healthineers. By contrast, CBRN Detection revenue decreased to £6.2 million, down from £10.4 million in 2024, reflecting timing of contract delivery.
Gross margin increased to 81% (2024: 55%), while adjusted EBITDA rose to £10.3 million (2024: £3.1 million). Profit before tax reached £3.1 million, marking the first profit in Kromek’s history and surpassing market expectations.
Balance Sheet
During the year, Kromek repaid £5.5 million of term loans and £5.9 million of short-term loan facilities. Cash and cash equivalents stood at £1.7 million as of 30 April 2025, compared to £0.5 million the year before.
The Group also received $5 million after the reporting date and retains access to an undrawn £6.0 million credit facility alongside a £0.5 million asset finance facility.
Advanced Imaging: Growth from Landmark Partnerships
Advanced Imaging was the main driver of performance in FY25. A key milestone was the Enablement Agreement with Siemens Healthineers, supporting the production of cadmium zinc telluride (CZT) detectors for SPECT applications. Kromek received an initial $25 million payment during the year, with an additional $5 million received after year end.
The Group also maintained deliveries under agreements with Tier 1 OEMs, including Analogic Corporation and Spectrum Dynamics. Further progress was achieved under the Innovate UK-funded ultra-low dose molecular breast imaging programme.
CBRN Detection: Recovery in H2 and New Contracts
In CBRN Detection, nuclear security demand was subdued in the first half due to elections in the UK and US, but activity recovered significantly in the second half. The Group secured a £2.0 million order from the UK Ministry of Defence for its D5 RIID product and was selected under two four-year UK Government frameworks — the Resilience Framework and the Radiological Nuclear Detection Framework.
Orders worth approximately £2.9 million were received post year end, from customers in the UK, Europe, US, Japan and Canada. In biological-threat detection, Kromek continued development projects with UK and US government agencies and secured a £250,000 contract post year end from the MoD’s Defence Science and Technology Laboratory.
Outlook
Kromek expects further revenue and profit growth in FY26, in line with market forecasts. Growth in the CBRN Detection division is expected to accelerate, supported by framework awards and rising global demand. Advanced Imaging is also forecast to expand on a like-for-like basis, with additional contributions from Spectrum Dynamics and other resumed OEM contracts.
