A NORTH-EAST technology business is targeting global expansion after reporting its first set of results since joining the stock market.
Kromek, which develops and manufactures specialist imaging equipment, has secured significant new contracts in the medical, nuclear and airport markets, boosting revenue to £2.4m over the last six months, up from £710,000.
The Sedgefield, County Durham business, which was founded at Durham University physics department in 2003, is now in the fourth phase of its development, which will see it take more products to market, secure new customers and grow revenue.
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In October, its cash reserves were boosted by £15m when it joined the alternative investment market (AIM).
Arnab Basum chief executive said: “Kromek is currently growing strongly as we enter the rapid commercialisation phase of our business, utilising our powerful IP and technology platforms.
“We are now in a stronger financial position as we look to grow our business. We have seen encouraging take-up of our products in all of our three target sectors and are confident about the future prospects of the business.”
Dr Basu was recognised in the New Year Honours with an MBE for services to regional development and international trade.
Kromek, which employs about 100 staff, is best known for pioneering an airport scanner that can identify liquids in bottles, including explosives, alcohol and narcotics, without opening them, in less than 20 seconds.
However, growth opportunities in the medical and nuclear sectors are becoming increasing important to the firm as it aims to wipe out losses.
In today's update it posted a loss before interest, tax, depreciation and amortisation of £1.3m, which was down from £1.98m.