£15m stock flotation for technology firm Kromek

Growing technology company Kromek is aiming to raise £15m in a placing of ordinary shares

Chief exective of Kromek, Arnab Basu
Chief exective of Kromek, Arnab Basu

Growing technology company, Kromek, which develops high performance material and products for radiation detection, is aiming to raise £15m in a placing of ordinary shares.

The firm, based at NetPark, near Sedgefield, County Durham, plans to join the Alternative Investment Market (AIM) on the London Stock Exchange as it targets growth opportunities in the medical imaging, security screening and nuclear detection sectors.

Kromek, formerly known as Durham Scientific Crystals, started as a two-man spin-out from Durham University in 2003 and is now a world leader in colour imaging for x-rays, facilitating advances in areas like cancer detection, airport security, industrial inspection and space exploration.

It employs around 100 people, half in County Durham and the rest in offices in Pennsylvania and California.

The company has also recently added a small sales office in Germany.

Chief executive Arnab Basu said: “The business is established in its markets and its hybrid business model is proven.

“We have contracts in place with some of the leading OEMs in each of our chosen fields, including a development contract recently signed with a top four global OEM in the medical imaging market.

“Kromek is a well-established British technology business with a US presence and the opportunity to grow rapidly.

“To that end, admitting to AIM is an attractive option, providing the company with both access to capital and tradable equity should acquisition opportunities arise in the future.

“I now look forward to working with my colleagues and our shareholders to realise the company’s commercial potential.”

Journalists

David Whetstone
Culture Editor
Graeme Whitfield
Business Editor
Mark Douglas
Newcastle United Editor
Stuart Rayner
Sports Writer