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Kromek Group PLC - Detection technology supplier - On Thursday, reports weaker half-year revenue and a wider pretax loss, and announces a $37.5 million deal with Siemens Healthineers AG. Pretax loss widens to £5.7 million in the six months to October 31 from $3.5 million a year prior as revenue falls to £3.7 million from £7.1 million. Expects to become profitable from the current financial year, with profit for FY 2025 significantly ahead of market expectations. The deal with healthcare services provider Siemens sees Kromek provide ‘know-how and use rights of IP on a non-exclusive basis’. It will supply CZT-based detector tiles and furnaces and related services, as part of an enablement agreement and patent licensing deals. ‘Under the enablement agreement, the group will be paid a total of $37.5 million in cash in four instalments over a four-year period, with the first instalment of $25.0 million to be received in the current financial year, a material amount of which will be recognised as revenue. In addition, the directors believe the supply agreement will make a material contribution to Advanced Imaging revenue from the second year of the agreement onwards,’ Kromek adds.
Current stock price: 6.70 pence, up 3.1% in London on Friday
12-month change: up 6.4%
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