Tech firm Kromek remains loss-making despite record revenues

North East technology company Kromek has reported record results but remains loss-making and has lined up new funding from one of its main shareholders.

The County Durham firm makes radiation and bio-detection equipment and has made headlines for the use of its products at high profile diplomatic events, as well as on the battlefield in Ukraine. It has often been named as one of the country’s most innovative companies due to its high number of patents, but it has struggled to fully commercialise its technology and is yet to declare a profit since being founded as a spin-out from Durham University research in 2003.

In new results for year ending April 30, Kromek said its revenue increased 12% to £19.4m and it achieved positive adjusted Ebitda of £3.1m. But it remained loss-making, though the loss