Kromek Group profit joy after 'landmark' year

A technology firm behind equipment helping diagnose illness is in rude health after posting its first annual profit.

Kromek Group says it has moved into the black after a “transformative year… of landmark agreements”.

Bosses add the deals leave the company primed to report revenue of more than £26 million in the year to April 30 – more than a third higher than the previous year.

And they have revealed the Sedgefield-based company is well placed to maintain its momentum, with contracted revenues of about £20 million providing “strong visibility… for another year of growth”.

The firm’s progress was fuelled by a £30 million partnership with Siemens Medical Solutions USA to provide healthcare detection equipment, knowledge and intellectual property.

Kromek Group – whose technology is used in scanners to help diagnose conditions such as osteoporosis – is set to send 15 furnaces for production of the semiconductor cadmium zinc telluride for use in medical detection equipment to Siemens, which is known as Siemens Healthineers.

The Durham University spin-out also benefited from demand across its nuclear detection business.

The division, whose handheld radiation equipment is used by global security forces to foil terror plots, saw revenues more than double in the second half of the year thanks to Ministry of Defence work and a multi-year Government framework agreement.

Dr Arnab Basu, chief executive, said: “The 2025 financial year has been a transformative one.

“Our landmark agreement with Siemens Healthineers not only validates our leadership in advanced imaging technology but has also significantly strengthened our financial position.

“While the chemical, biological, radiological and nuclear segment experienced a slower start, momentum returned in the second half, which gives us confidence in sustainable growth for the year ahead.

“We are well-positioned to deliver another year of revenue growth.”

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