Last checked at 14 Jul 2021 07:00
14 July 2021
Kromek Group plc
("Kromek" or the "Group")
New Contracts
Kromek wins new contracts and orders across all segments for delivery this year
Kromek (AIM: KMK), a worldwide supplier of detection technology focusing on the medical, security screening and nuclear markets, announces that it has received new contracts and repeat orders across all of its target segments as commercial momentum continues to increase across the business. All of the contracts are for delivery in the Group's current financial year (except as otherwise indicated).
In the nuclear detection segment, Kromek has received an order worth £173,000 from its UK government-related customer for the Group's D5 RIID high-performance radiation detector designed for challenging environments. This represents the first major order for the D5 RIID following its launch last year. The Group has also received a €78,000 repeat order from the European Commission for its D3S ID portable radiation detector.
An $84,000 repeat order has been received from a US medical imaging customer, which is using Kromek's detectors in its systems for nuclear medicine applications. Following the customer's recent receipt of FDA approval for this system, the Group expects to be awarded a multi-year supply contract in due course.
In its new target area of biological-threat detection, Kromek has been awarded a £349,000 contract with the UK Ministry of Defence, through its Defence and Security Accelerator Open Call for Innovation programme, to develop its technology to meet defence and security requirements for wide-area monitoring of biological pathogens. The work will build upon Kromek's existing capabilities in airborne pathogen detection and will run until November 2022.
In security screening for industrial applications, the Group has been awarded a $250,000 repeat order from a US-based customer that is a global leader in aerospace and defence technologies servicing the US Department of Defense. The Group's detectors are designed into the customer's system that is used for ammunition scanning and the Group is the exclusive supplier of these detectors under a ten-year agreement signed in 2017. The Group expects to receive further orders from this customer over the coming years.
Dr Arnab Basu, CEO of Kromek, said: "It is great to be winning contracts and orders across our target markets as our customers increasingly return to pre-pandemic trading patterns. We're proud to be furthering our partnerships with the UK and US defence forces, including receiving our first major order for the D5 RIID, and we're very excited about the prospects for our biological-threat detection solution, with the latest award being particularly focused on emerging and novel threats. At the same time, our medical imaging order is typical of the growing trend of OEM customers receiving approval for their next-generation scanners containing our detectors, which leads to increased demand for our technology as they prepare for rollout. All of this adds to our visibility for the year ahead as we remain on track to deliver significant growth."
For further information, please contact:
Kromek Group plc | |
Arnab Basu, CEO Paul Farquhar, CFO | +44 (0)1740 626 060 |
| |
Cenkos Securities plc (Nominated Adviser and Broker) | |
Camilla Hume/Giles Balleny (NOMAD) Julian Morse (Sales) | +44 (0)20 7397 8900 |
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Luther Pendragon (Financial PR) | |
Harry Chathli Claire Norbury | +44 (0)20 7618 9100 |
About Kromek Group plc
Kromek Group plc is a technology group (global HQ in County Durham) and a leading developer of high performance radiation detection products based on cadmium zinc telluride ("CZT") and other advanced technologies. Using its core technology platforms, Kromek designs, develops and produces x-ray and gamma ray imaging and radiation detection products for the medical, security screening and nuclear markets.
The Group's products provide high resolution information on material composition and structure and are used in multiple applications, ranging from the identification of cancerous tissues to hazardous materials, such as explosives, and the analysis of radioactive materials.
The Group's business model provides a vertically integrated technology offering to customers, from radiation detector materials to finished products or detectors, including software, electronics and application specific integrated circuits ("ASICs").
The Group has operations in the UK and US (California and Pennsylvania), and is selling internationally through a combination of distributors and direct OEM sales.
Currently, the Group has over 150 full-time employees across its global operations. Further information on Kromek Group is available at www.kromek.com and
https://twitter.com/kromekgroup.