County Durham technology firm Kromek has secured a significant £6 million funding package from HSBC UK, marking a major step in its expansion strategy.
Fuel for Strategic Expansion
The Sedgefield-based company, which develops advanced medical imaging and CBRN (Chemical, Biological, Radiation and Nuclear) detection systems, will use the revolving credit facility as working capital. This financial boost is designed to help Kromek scale up production across its key divisions and continue investing in its next-generation detector technology.
Chief Executive and co-founder Arnab Basu stated that the facility provides crucial flexibility. "Access to this facility gives us the flexibility to progress our plans across both imaging and detection," he said. "We continue to invest in the development of our technology platforms and in scaling production to meet demand from customers in the UK, the US and internationally."
Building on a Landmark Year
This strategic financial move follows a transformative period for Kromek. The company recently posted its maiden full-year profit, turning a £3.5 million pre-tax loss into a £3.1 million profit for the year ending April 2025. This remarkable turnaround was driven by lower-than-expected costs and higher revenue, notably from a landmark agreement with Siemens Healthineers that delivered a $25 million payment.
The firm's growth trajectory appears strong. In two weeks, Kromek is set to post interim results expecting first-half revenue of at least £14.5 million for its 2026 financial year—a substantial increase from £3.7 million in the same period last year. This figure includes a minimum of £8.2 million generated under the Siemens Healthineers agreement.
Meeting Global Demand
With manufacturing sites at NETPark in Sedgefield and in Huddersfield, plus operations in Pennsylvania and California, Kromek supplies products to 64 countries. Its technology is critical in medical diagnostics, civil nuclear operations, border security, and defence.
The new HSBC funding is expected to empower Kromek to meet rising global demand while bolstering its research and development efforts. It will also strengthen the company's position as it pursues further opportunities in the healthcare, defence, and national security markets.
Stuart Mclaren, relationship director at HSBC UK, commented on the deal: "We are delighted to continue to support Kromek. It has grown into an established exporter with a strong track record of developing specialist technology for use across healthcare and security. This facility will support the business as it expands its operations and continues to invest in its product portfolio."
Originally spun out from Durham University in 2003, Kromek's latest financial milestone underscores its evolution from a university project into a profitable, internationally trading technology leader.
