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Alliance News

Kromek Group Wins Five-Year Contract Worth Minimum Of USD5.4 Million

Thu, 17th Aug 2017 11:30

LONDON (Alliance News) - Kromek Group PLC on Thursday said it has been awarded a new five-year contract by an existing customer in the bone mineral densitometry sector for the incorporation of its cadmium zinc telluride-based detector modules in a new product.

The contract is worth a "minimum" of USD5.4 million and will begin in the current financial year to the end of April 2018.

No other details of the contract or customer were disclosed by Kromek, which provides multispectral radiation detection products.

"We are delighted to have secured a further contract by an existing bone mineral densitometry sector customer as they launch a new medical diagnostics product. It further validates our belief that, as customers move away from legacy diagnostic systems, cadmium zinc telluride-based detectors will become a core technology and we anticipate to be one of the major suppliers to this segment," said Chief Executive Arnab Basu.

The agreement also demonstrates the strong relationships we build with our customers and the company's commitment to securing further contracts in the medical imaging sector," Basu added.

Kromek shares were up 3.3% on Thursday at 29.30 pence.

By Joshua Warner;; @JoshAlliance

Copyright 2017 Alliance News Limited. All Rights Reserved.

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