Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Kromek bags another multi-million pound, five-year contract

This time the deal will see Kromek’s technology used in baggage security screening systems
x-ray screening system in airport
Kromek's technology will help the new customer's products to successfully detect an "extensive range of threat materials"

Radiation detection specialist Kromek Group PLC (LON:KMK) has secured a five-year contract worth US$2mln, adding another new customer to its books in the process.

The deal comes just a few weeks after the AIM-quoted firm announced a multi-year contract award with a medical diagnostics client.

READ: Kromek lands five-year contract worth at least US$5.38mln

Today’s tie-up will see the new, unnamed customer – a leading X-Ray imaging systems manufacturer – use Kromek’s technology in its baggage security screening systems.

“We are delighted to secure another long-term contract with a new original equipment manufacturer (OEM) customer in the security screening market,” said chief executive Arnab Basu in a statement.

“This agreement further demonstrates the demand for our products and technology as all OEMs in this arena begin upgrading their legacy systems to bring them in line to detect modern day threats.”

Revenues from the agreement are expected to be recognised during the current fiscal year.

WATCH: New five-year contract 'validates increasing traction of Kromek's CZT-based detectors'

It’s the second long-term contract Kromek has signed in the security screening market, following on from a US$3.1mln win in February.

View full KMK profile View Profile

Kromek Group PLC Timeline

Related Articles

ai graphic
August 26 2018
The company helps commercialise innovations developed in universities around the world. The shares are trading at a 40% discount to the value of its current basket of investments
Video game media with player
August 21 2018
Analysts at German bank Berenberg have upped their target price for the firm to 2,150p from 2,060p, saying the company's market is expected to "outgrow the video game segment"
Westminster Group
April 05 2018
Westminster's pipeline of opportunities is strong in the Middle East

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use