‘Access to this facility gives us the flexibility to progress our plans across both imaging and detection’
County Durham technology company Kromek has sealed a £6m funding deal with a banking giant to back its next phase of growth.
The Sedgefield business, which specialises in medical imaging and radiation detection systems, has secured the multimillion-pound funding package from HSBC UK.
Kromek’s products are used in medical diagnostics, civil nuclear operations, border security and defence applications worldwide. The business has manufacturing and operating facilities at NETPark in Sedgefield and Huddersfield in the UK, and Pennsylvania and California in the US.
Bosses said the revolving credit facility will provide additional working capital as it scales production across its advanced imaging and CBRN (Chemical, Biological, Radiation and Nuclear) detection divisions and continues developing its next generation of detector technology.
The move comes after the firm posted its maiden full year profit, after turning a £3.5m pre-tax loss into £3.1m profit in the year to the end of April, driven by lower than expected costs and higher than anticipated revenue on its landmark Siemens Healthineers work, which delivered a $25m payment during the year.
In two weeks Kromek will also post its interim results, in which it expects to post revenue for the first half of its 2026 financial year of at least £14.5m – a significant jump on last year’s £3.7m. The figure includes revenue generated under its Siemens Healthineers’ agreement of at least £8.2m.
Kromek said the new HSBC facility is expected to help it meet growing demand for its products, as well as support ongoing research and development. It will also strengthen the company as it pursues opportunities across healthcare, defence, and national security markets.
The business was originally founded in 2003 as a spin-out from Durham University has since gone on to supply customers in 64 countries.
Arnab Basu, CEO and co-founder at Kromek, said: “Access to this facility gives us the flexibility to progress our plans across both imaging and detection. 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. HSBC UK’s support will help us move forward with the next stage of our growth.”
Stuart Mclaren, relationship director at HSBC UK, added: “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.”