Shares of Kromek Group PLC (LON: KMK) today fell 26% after the company, which supplies radiation detection technology, announced its financial results for the 2019/20 fiscal year ended April 30.
The company’s pre-tax losses widened to £18.3 million from the £1.3 million loss a year earlier as revenues fell to £13.1 million from £14.5 million.
The firm books an exceptional expense of £13.1 million related to the impact of the coronavirus pandemic, which persisted into the first four months of its current financial year.
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Kromek’s board said that it is “cautiously optimistic” about the current year as business patterns return to normal
Arnab Basu, Kromek’s CEO said: “We entered 2019/20 in a stronger position than ever before, increasing revenues by 43% in the first half. However, the pandemic caused markets to shut down and materially impacted both our global customer base and supply chain resulting in overall revenues for full-year 2019 to be lower than the previous year. However, the mitigation measures and operational progress we have made during the year means we are well-positioned to rebound strongly.”
Kromek share price
Kromek shares today fell 26% to trade at 7.65p having dropped from Tuesday’s closing price of 10.35p.
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