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Kromek Group PLC

Kromek Group PLC - Award of New Contract for Radiation Detectors

RNS Number : 6782Y
Kromek Group PLC
07 March 2017
 

7 March 2017

 

Kromek Group plc

("Kromek" or the "Company")

 

New contract with existing client for security screening

 

Kromek (AIM: KMK), a radiation detection technology company focusing on the medical, security screening and nuclear markets, is pleased to announce that it has been awarded a contract, valued at $990k, by an existing US-based customer, a global leader in aerospace and defence technologies, for the upgrade of the Company's advanced security screening detectors that the customer has deployed since 2009.

 

Under the terms of this 12-month contract, Kromek will develop and provide the first annual supply of the upgraded detectors. Furthermore, the contract guarantees that Kromek will continue to be the exclusive supplier for these upgraded detectors for the next 10 years. The upgraded cadmium zinc telluride ("CZT") detectors are critical to the customer's security screening application.

 

Dr Arnab Basu, Chief Executive Officer of Kromek, said: "We are delighted to receive this new security screening contract from an existing customer that is a major aerospace and defence company. This contract provides further validation of the strength of our advanced radiation detection solutions and adds to the visibility of revenues and strengthens our confidence in the continuing growth of the business."

 

 

Enquiries

 

Kromek Group plc


Arnab Basu, CEO

Derek Bulmer, CFO

+44 (0)1740 626 060



Cenkos Securities plc


Bobbie Hilliam (NOMAD)

Julian Morse (Sales)

+44 (0)20 7397 8900



Luther Pendragon Ltd


Harry Chathli, Claire Norbury, Alexis Gore

+44 (0)20 7618 9100

 

 

About Kromek Group plc

 

Kromek Group plc is a UK 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 photon 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 one hundred full time employees across its global operations. Further information on Kromek Group is available at www.kromek.com and https://twitter.com/kromekgroup.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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