Results Round-up

Shares Kromek plunged over 15% on Thursday, after the radiation detection technology group unveiled plans to raise £11m via a discounted placing.

The London-listed company said it intends to raise £11m via the placing of 36m at 25p per share as well as an additional 8m shares in an open offer at the same price.

In a separate announcement, the group said its pre-tax loss for the year narrowed 27.9% year-on-year to £3.1m, while revenue surged 36% to £8.1m and the group improved its gross margins from 65% to 69%.

Kromek added it has secured a number of contracts in the nuclear detection field, including a contract with an agency working for the US Department of Defense.

Institutional stockbroker Arden Partners reported said its interim loss widened on the back of slow delivery of its corporate pipeline.

In the six months to 30 April, the London-listed group posted a pre-tax loss of £1.2m, more than double the £0.47m it recorded in the corresponding period in 2014, while revenue declined 22% year-on-year to £2.7m.

Arden attributed the widening loss and the decline in revenue to a slowdown in corporate transactions, driven by market uncertainty generated by the UK’s General Election in May.