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KMK

Kromek Group PLC

Industrial Goods and Services First-pass screen £69m
360/1000 Overall fit
AI beneficiary 35% 25
Operating leverage 25% 45
Valuation 25% 30
Downside protection 15% 60

First-pass take

Hardware radiation-detection company with zero AI/ML exposure. FY2025 profitability driven by one-off Siemens enablement contract (£16.5m of £26.5m revenue), masking underlying cyclical government-dependent CBRN business and modest Advanced Imaging recurring revenue. Strong net cash post debt repayment but severe customer concentration creates downside volatility.

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