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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.

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Kromek Group PLC Timeline

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