Kromek Group PLC (LON:KMK), a radiation detection technology company, has been awarded a new five-year contract renewal by an existing customer in the medical sector.
Under the terms of the contract, Kromek will supply its cadmium zinc telluride-based (CZT) detector modules for incorporation in the customer's products. The density of CZT means that its incorporation significantly improves the sensitivity of positive detection of cancerous tumours.
READ: Kromek expects revenue growth in full-year results as sales boost earnings
The contract is worth US$1.2ml across the five years and commences immediately.
We are moving to a new purpose-built facility in Zelienople, part of @cranberry_twp near Pittsburgh. We are currently moving in and will keep everyone up to date om when we are settled. The new site means we can expand our Homeland Security and medical imaging business. pic.twitter.com/0bN1OJoyzS
— Kromek Group PLC (@kromekgroup) May 26, 2018
“I am pleased to receive this long-term contract from our existing customer reaffirming their commitment for the next five years,” said Dr Arnab Basu, the chief executive officer of Kromek.
“This is a result of the high-quality products and services we have provided them throughout the last few years. We are continuing to develop new business opportunities in our core markets while serving our existing customers, which are important for the continuing growth of the business," he added.