Kromek Reports Full Year Results in Line with Expectations, Orders Up

Kromek FY26 trading update: in-line revenue and profit should calm investors

Kromek has told the market it expects to report FY26 revenue and PBT in line with expectations. In plain English, that means the company is not warning on profits and is not springing a nasty surprise on shareholders ahead of full-year results.

The market expectations Kromek references are revenue of £27.2 million and PBT of £2.15 million. PBT means profit before tax. For a small AIM-listed technology business, simply landing where the market hoped can matter a lot, especially when supply chain disruption and delayed government procurement have been part of the backdrop.

Key numbers from the Kromek Group FY26 trading update

Why Kromek saying “in line with market expectations” matters

This type of statement is rarely flashy, but it is often important. If investors had been worried that supply chain issues or contract delays might knock the year off course, this update suggests management has kept things under control well enough to still meet the market’s targets.

That is the main positive here. Kromek is effectively saying the business absorbed operational disruption and still delivered what the market was expecting. For a company serving medical imaging and security-related end markets, that says something useful about demand and execution.

Advanced Imaging growth looks solid, but there is an important caveat

In Advanced Imaging, Kromek says it achieved good underlying revenue growth, excluding the exceptional contribution from its enablement agreement with Siemens Healthineers. That wording matters because it suggests the core business kept moving forward, rather than simply leaning on a one-off boost from a previously announced agreement.

That is encouraging. Investors generally prefer repeatable, underlying growth to numbers flattered by exceptional items, because it gives a better read on the quality of the business.

There is a catch, though. The company does not disclose the actual growth rate, divisional revenue figures or margin performance in this update. So while the tone is positive, we do not yet know how strong “good underlying revenue growth” really was in hard numbers.

Supply chain disruption hit timing, not demand

Kromek says the Advanced Imaging division faced supply chain disruption linked to global trade and geopolitical tensions. Importantly, management says this mainly affected the timing of order fulfilments rather than underlying demand.

That distinction is useful. Timing issues can push revenue between reporting periods, which is frustrating, but it is usually less serious than customers cancelling orders or cutting spending altogether.

The company also says it secured and delivered a major new order from an existing customer in the second half, which significantly mitigated the disruption. The value of that order is not disclosed, so investors will need to wait for the full results for more detail.

CBRN Detection revenue growth is a strong sign for Kromek’s security business

The other part of the story is CBRN Detection, which stands for chemical, biological, radiological and nuclear detection. This is the division focused on security and homeland defence applications, including radiation detectors used to protect infrastructure, events and urban environments.

Kromek says this division also expects to report year-on-year revenue growth. That is a solid read-across for product relevance and demand, especially given the nature of the end market.

What I like here is that growth came despite delays in some government contracts progressing to the procurement stage. Government buying can be slow and lumpy. So seeing growth despite that suggests commercial momentum elsewhere in the division was strong enough to offset those delays.

Orders of £8.8 million in the second half add weight to the update

Across the second half, Kromek says its CBRN Detection and Advanced Imaging divisions won new orders totalling £8.8 million, with a significant proportion delivered before year end. That is a helpful detail because it shows fresh demand was converted into revenue quickly enough to support FY26 performance.

It also hints that customer relationships are holding up well. Winning extra work from existing customers, particularly in specialist technology markets, is often a good sign that the product is valued and embedded.

What looks positive in the Kromek trading update

• Revenue and PBT are expected to be in line – no profit warning, which is the first thing many investors will care about.
• Both divisions grew – Advanced Imaging on an underlying basis and CBRN Detection year on year.
• New orders of £8.8 million in the second half show ongoing demand.
• A significant proportion of new orders was delivered before year end – that supports execution and cash generation potential, although cash itself is not disclosed.
• Management’s message is consistent – resilience, customer stickiness and mission-critical applications all fit the industries Kromek serves.

What investors should be cautious about in Kromek’s FY26 outlook

• This is only a trading update – there is no full income statement, no balance sheet detail and no cash position disclosed.
• Supply chain disruption is still a factor – management says the issue was mitigated, not eliminated.
• Government contract delays remain a risk in the CBRN business, where procurement timing can move around.
• No divisional numbers are given – so investors cannot yet judge which segment is doing the heavy lifting.
• The Siemens comparison complicates the optics – excluding an exceptional contribution can make underlying growth look healthier, but the scale of that prior boost is not quantified here.

My take: a reassuring Kromek update, even if it is short on detail

My view is that this is a good update, just not a dramatic one. “In line” will not set the market on fire, but for a company exposed to supply chain pressure and public-sector contract timing, it is a reassuring outcome.

The most encouraging part is that both divisions appear to be moving forward at the same time. That gives the update a bit more substance than a simple “we met expectations” statement. The £8.8 million of second-half orders helps too, because it suggests demand did not dry up late in the year.

The main frustration is the lack of detail. There is no breakdown of revenue by division, no cash number and no margin information. So this announcement improves confidence, but it does not answer every question.

What to watch before Kromek publishes full-year results in September 2026

The next step is the full-year results announcement expected in September 2026. That is where investors will want proper detail on profitability, cash, divisional performance and whether the order backdrop carried into the new financial year.

I would be watching three things closely:

1. Cash and balance sheet strength – not disclosed in this update, but always important for smaller growth companies.
2. The split between Advanced Imaging and CBRN Detection – to see where growth is strongest and how recurring it looks.
3. Commentary on supply chain and procurement timing – because both could still affect the pace of delivery in FY27.

Bottom line on Kromek Group PLC’s 2026 trading update

Kromek has delivered a steady, credible trading update. Revenue and profit are expected to land where the market hoped, both divisions are growing, and second-half order intake of £8.8 million adds some real support to the story.

It is not a knockout statement, and there are still missing pieces. But for retail investors, the basic read is straightforward: Kromek appears to have navigated a tricky operating backdrop without derailing the year, and that is a result worth taking seriously.