Hardware & electrical equipment
Kromek extends distribution agreement with Smiths Group
To date, the group has delivered over 1,000 detectors under the partnership
Company
LON:KMK
Kromek Group PLC provides design and high-volume supply of both hardware and software of CZT solid-state radiation detectors and scintillation radiation detector components and finished products. The company supplies the medical OEM, civil nuclear and security sectors. Kromek manufactures in both the UK and the US, supplying worldwide through direct sales and a network of distributors and resellers.
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Hardware & electrical equipment
To date, the group has delivered over 1,000 detectors under the partnership
Hardware & electrical equipment
The broker has maintained its forecasts and 27p target price
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Both contracts are to supply European government end-users
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“For 2024 and 2025 it provides added clarity to forecasts, with a more visible build of revenues and profits over each year.”
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Work commences in December on the three-year programme
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The repeat order from a US customer is for Kromek's D3M wearable radiation detector
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Based on Spectrum Dynamics' digital SPECT/CT platform, VERITON-CT 400 Series' detector technology provides the benefits of increased sensitivity and throughput for Nuclear Medicine clinical applications using up to 400keV high-energy isotop
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This brings the total of new funds raised via convertible loan notes to £2.84mln following the £1.7mln fundraising announced earlier this month
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The radiation and bio-detection technology specialist has done so via a convertible loan note
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"For FY 2023 we anticipate substantial year-on-year revenue growth and we look forward to the future with increased confidence, "chief executive Dr Arnab Basu said
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“Our wearable D3 and D5 family of products are closely aligned to the needs of Smiths Detection's customer base and complement their existing product offering," said Kromek CEO Arnab Basu
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"Being awarded a repeat order for this product from this important customer is a great endorsement," said chief executive Arnab Basu
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Kromek has the highest level of revenue visibility it has ever had at the start of a financial year
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"We are pleased to have received this new contract from this long-standing customer,” said chief executive Dr Arnab Basu.
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Meeting expectations would represent "our highest ever full-year revenue with growth in both segments".
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"We are delighted at the success of our collaboration with our OEM customer who has substantial global operations and market share in this sector," said Dr Arnab Basu, the CEO of Kromek
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Cenkos Securities carried out its "read-across" analysis in the wake of Canon's acquisition of Redlen Technologies
The product is designed to help first responders, armed forces, border security and other defence experts detect radiological threats
Hardware & electrical equipment
Many of Kromek's customers are returning to pre-pandemic trading patterns