Kromek Group (LON: KMK), the AIM-listed maker of radiation detection technology for medical imaging and security screening, fell in early trade today despite posting FY2026 profit before tax slightly ahead of expectations, even as a sharp drop in gross margin overshadowed the headline revenue growth.
Shares traded at 7.00p in early dealing today, down from Friday’s close of 7.15p, a fall of around 2%. The stock ranged between 7.00p and 7.50p intraday after opening at 7.25p.
Kromek published its final results for the year to 30 April 2026 before London’s open today. Revenue rose 2% to £27.1m, from £26.5m in FY2025, and profit before tax was £2.5m, slightly ahead of expectations though down from £3.1m a year earlier. Adjusted EBITDA fell to £8.1m from £10.3m, and profit after tax dropped to £0.7m from £3.8m, after a £1.8m net tax charge that included a £1.7m non-cash deferred tax item.
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The headline growth masks a mix shift. Gross margin fell to 62.8% from 80.9% as high-margin licensing income from Siemens Healthineers shrank as a share of the total. Stripping out that licensing revenue and a one-off large sale, underlying revenue grew 39% to £13.9m from £10.0m. Cash rose to £4.2m from £1.7m, but the group swung to £1.5m net debt from £1.2m net cash, after drawing a new £6.0m revolving credit facility with HSBC to fund working capital.
Chief executive Dr Arnab Basu said: “We enter FY 2027 with positive momentum, supported by a healthy order book, an encouraging commercial pipeline and strong engagement with customers across both divisions.” Management guided to gross margins returning to the mid-50s percentage range next year, alongside significant underlying revenue growth in both divisions.
Kromek expects to sign a further £3.0m extension to its HSBC facility before the end of September, as it works through the working-capital swing that pushed the balance sheet into net debt this year.
