Kromek gallops after AIM

X-ray colour imaging firm Kromek has seen a threefold year-on-year revenue growth in its first set of financial results since joining the Alternate Investment Market (AIM).

The Durham University spin-out reported its revenues were £2.4m ($3.95m) for the six months ending 31 October 2013, compared to £710,000 for the same period the year before. The company has attributed the increase to the acquisition of eV Products and growing demand for its products as it pushes forward with plans to rapidly expand into medical, security, and nuclear markets.

Founded in 2003, the company has expanded to a headcount of around 100 people, half of which are in the UK with the rest split between offices in Germany and the US. The company is set to benefit from a partial lifting of the ban on carrying liquids on aircraft in Europe from 31 January with its Kromek Bottle Scanners, and has also recently won contracts worth up to $2.5m from defence contractor Northrop Grumman for its nuclear detection products.

Arnab Basu, chief executive at Kromek, said: “Kromek is currently growing strongly as we enter the rapid commercialisation phase of our business, utilising our power IP and technology platforms. Having completed a successful IPO during the period, 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.”