FY22 results and a highly visible outlook
For the year to 30 April 2022 Kromek reported results in line with the Trading Update of 16 May: revenue of £12.1m, +16.5%YoY, and an EBITDA (adj.) loss of £1.2m. We estimate revenue in the Advanced Imaging division grew 28% YoY to £4.6m, whilst the CBRN segment grew 1.5x to £5.4m.Kromek reports that it expects growth to accelerate in both its core segments – security-related CBRN and advanced imaging – with the prospect of “a substantial year-on-year increase in revenue”. The CBRN segment in particular has seen an increase in interest from government agencies, as current levels of geopolitical instability would indicate.
There is very encouraging visibility of the current year with 53% of contracts sealed, with a further 37% under negotiation and 10% underpinned as repeat business. Kromek also announced two new orders worth a total of US$0.751m and a convertible loan note to raise £1.7m.
Our FY23 outlook remains unchanged, as does our Fair Value at 26p/share.
Kromek Group is a developer of radiation detectors based on cadmium zinc telluride, providing detection and characterization capabilities within the medical imaging, nuclear detection and security screening markets. Co. designs, develops and produces x-ray and gamma-ray imaging and radiation detection products.
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