Revenues at Durham technology firm Kromek grew 122% to £5.97m in the year ended April 2014 buoyed by a soaring appetite for its products in the US.
A Durham University spin-out, Kromek Group is a leading developer of radiation detection products which floated successfully on AIM for the first time last October.
The firm uses cadmium zinc telluride (CZT) technology to design, develops and produces x-ray and gamma ray imaging and radiation detection products for the medical, security screening and nuclear markets.
During the period the firm, which also has operations in Germany and the US, said it had completed the successful integration of eV Products Inc, a US firm it acquired in April 2013.
The firm, which employs more than 100 people across the group, reported a 122% rise in sales from £2.69m to £5.97m.
However, earnings before interest, taxes, depreciation and amortisation (EBITDA) were knocked from a loss of £773,000 for the year ended April 2013 to a loss of £2.48m by negative goodwill on the acquisition of eV Products of £2.4m.
UK sales showed growth of 18% while US sales grew nearly 228% – 47% on a like for like basis – year on year.
Kromek chief executive officer Arnab Basu said: “The appetite for Kromek’s components, systems and solutions in each of our target markets is increasing.
“The group is well placed, not only to continue to win new contracts, but also to service the growing demand for our technologies and achieve our ambition of becoming the radiation detection specialists of choice in our chosen markets.
“We have reported a number of new contracts post this period end and we are continuing to convert a strong pipeline with the current order book at an all-time high.”