Kromek (www.kromek.com), a manufacturer of radiation-detection technology, is looking to raise up to £21 million via a share placing.

The Sedgefield-based company has its R&D operations in Huddersfield at the 3M Buckley Innovation Centre. At the end of last year, it announced half-year revenues (to October 2016) up 19% to £3.8 million.

Company chairman Sir Peter Williams (pictured) said: “We are pleased with the support shown by our current shareholders, and we welcome new blue-chip institutions to our register.

“The fund-raising will considerably strengthen our balance sheet, underpinning our plans for the sustained growth of the business and supporting increased commercial activity through the deployment of our proprietary technology.

“Kromek has made good progress. We achieved a number of important operational targets, enlarging our customer base and strengthening our relationship with our OEM partners.

“This resulted in significant contract wins over the past 18 months, which have given us forward visibility over revenues of more than 85% of market expectations for the current year. The board has great confidence in the future of Kromek.”