Kromek Group PLC (AIM:KMK) climbed almost 7% on Thursday after announcing a £1.4 million order from the European Union for its D3M radiation detectors.
This adds to a growing list of orders for the radiation and bio-detection technology firm made over the past year as global tensions mount.
“With the continued global uncertainty, and ever-evolving threats, it is crucial for public authorities to have products such as ours at their disposal,” chief executive Arnab Basu commented.
Thursday’s deal will see the EU add the detectors to its stockpile to prepare against chemical, biological, radiological and nuclear (CBRN) threats.
Commenting on the positive market reaction to the update, Arnab added gains reflected that shareholders understood “the importance of this kind of relationship for Kromek”.
Kromek had laid out expectations in July of a “substantial increase” in revenue during 2024, as demand for both its CBRN detection, but also medical imaging products remained strong.
This would mark a jump on revenue of £17.3 million recorded last year, with adjusted pre-tax losses having sat at £1.0 million.
Kromek had already reported over US$10 million (£7.9 million) worth of new and additional deals during the current financial year before Thursday’s update, including with the likes of the US Department of Homeland Security.
Shares climbed 6.7% to 5.6p on the news.