Kromek Group plc
11 annual reports read, FY2016 to FY2026
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10), Company website (1)
FY2027Next report expected 18 Sept 2027
- Open the reportJSONComing soonSixty seconds on the FY2026 report
Kromek Group plc makes detectors that spot radiation and biological threats, used in medical scanners, security screening and defence. In the year to 30 April 2026 its revenue rose 2.3% to £27.1m. Profit after tax fell to £733k, from £3.8m the year before. The main reason was less income from a highly profitable licensing deal with Siemens Healthineers, which brought in £10.0m of revenue against £16.5m a year earlier. Sales were also helped by a one-off large order from an existing imaging customer. The defence and security detection business grew. Lower costs, including smaller charges for unpaid bills and fewer one-off fees tied to the Siemens deal, softened the fall in profit. Cash at the year end was £4.2m, up from £1.7m, but borrowings rose to £5.7m, so the company owed more than it held. Almost no new money was raised from shareholders, and no dividend was paid. Management expects revenue to grow for a sixth year running and "significant underlying growth" in the year ahead. The auditor raised no doubt about the company's ability to keep going.
From the reportevery line sits on the page it namesWhat drove revenueEnablement/Patent Licensing Agreement with Siemens Healthineers (Siemens Medical Solutions USA Inc.) for CZT SPECT detector production, total $37.5m over four years
Revenue recognised in year relating to the Enablement Agreement was £10.0m (2025: £16.5m); to date the Company has received $32.5m of the $37.5m total, with $5.0m remaining payable on completion of final milestone expected FY2029
page 15AndLong-term contract with Spectrum Dynamics (SPECT scanner supply), ramping deliveries
Advanced Imaging underlying growth driven by continued delivery on long-term contracts, including ramping up deliveries under the Group's contract with Spectrum Dynamics
page 5What moved the marginheadwindEnablement Agreement licensing revenue mix
Gross margin fell to 62.8% (2025: 80.9%) due to revenue mix, including high-margin licensing revenue accounting for a higher proportion of revenue in 2025 vs 2026; management expects margins to return to mid-50s in FY2027 as this reverts to the historical underlying level
page 4AndtailwindReduced bad debt provision and lower one-off fees related to the Enablement Agreement
Distribution and administrative expenses reduced to £14.1m (2025: £16.7m); driven by £1.2m decrease in bad debt provision and £1.7m reduction in one-off Enablement Agreement fees
page 15One-offs in the yearOne-off costs relating to the Enablement Agreement included within adjusted EBITDA
page 15What management saidI am excited about Kromek's future, we anticipate delivering revenue growth for the sixth consecutive year and profit generation for the third consecutive year (Chairman)
page 9After the year endPost year-end, the Group successfully negotiated a £3.0m extension to the £6.0m HSBC revolving credit facility to support working capital requirements; increased facility documents anticipated to be signed prior to end of September 2026
page 94The dividendThe Directors do not recommend the payment of a dividend for the year ended 30 April 2026 (2025: £nil)
page 36Going concern and the auditUnqualified ('true and fair') audit opinion from HaysMac LLP (Senior Statutory Auditor Jon Dawson), signed 11 September 2026. Key audit matters: (1) revenue recognition occurrence/year-end cut-off, (2) capitalisation and recoverability of capitalised development costs (£33.55m, 2025: £32.20m), (3) valuation of investments in subsidiaries and intercompany receivables (parent company only), (4) recoverability of trade receivables. Going concern basis adopted; Group had net current assets of £15.3m and cash of £4.2m at 30 April 2026; Directors prepared detailed 12-month forecasts including sensitised/severe-but-plausible scenarios (excluding upside); post year-end £3.0m RCF extension negotiated with HSBC. No material uncertainty identified by auditor.
page 52The risks it names first- Competition Risk — specialised niche competitors and large integrated device manufacturers may develop more advanced/lower-cost products or gain stronger market acceptancep.26
- Product and Technology Adoption Risk — market acceptance uncertain given evolving customer needs, regulatory changes, user habits, pricing and distribution challengesp.26
- Risks related to Execution of Growth Strategy — managing growth, cost discipline, working capital and operational/financial performance improvements as business scalesp.27
- Risk Related to Timing of Customer or Partner Projects — co-development with large OEM partners creates dependency on their timelines; delays can impact timing of product-related revenuep.27
Read from C000755-AR-2026-website.
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