NETPARK-based technology firm Kromek has reported record half-year financial results and bosses say it is well placed to see its highest ever full year revenues.

Kromek Group Plc, a worldwide supplier of detection technology focusing on the medical, security screening and nuclear markets,

Revenues reached a record £5.3m in the six-month period to October 2019, up 43 per cent from the previous year.

Product sales have seen a year-on-year increase of 53 per cent and account for 82 per cent of revenues in the first half.

CEO Arnab Basu said: “This year has seen a focus on executing on the previously-signed agreements and commencing delivery on the multi-year contracts won in recent years.

“This has resulted in record first half revenues. We have seen an increase in adoption of our next-generation products in the medical imaging market and an expansion of applications for our D3S platform.

“Kromek entered the second half well-positioned to report its highest ever full year revenues as delivery of high value, multi-year contracts continues to ramp up.”

The rapid growth of the top line came as the company, which is based at Sedgefield, County Durham, started work on the £100m of multi-year orders in its target markets of medical imaging, nuclear detection and security screening which it has won over the past three years.

Dr Basu said: “Additionally, we continue to experience growing demand for our flagship products, which is expected to convert to further orders. As a result, the Group has visibility of 90 per cent of expected revenue for fiscal year 2019/20 based on delivery of the contracts already won and supported by a strong and increasing pipeline.

“The Board expects to deliver significant revenue growth and EBITDA profit for full year in line with market expectations.”

The company has expanded its production and sales teams, its D3S platform has now been sold in 22 countries. It has received and delivered orders of £2.1m from a European government-related company, other contract wins include those from US government and European Commission and, post period, a national civil defence agency of a European country. Three new patents were filed and eight were granted during the period.