viewKromek Group PLC

Kromek surges as it inks contract to supply technology for baggage scanning systems

The contract is with one of Kromek’s existing customers, an x-ray systems maker, and would run for five years with an estimated value of US$7.8mln

Baggage scanner at airport
Baggage screening is commonly used at airports and border control points

Kromek Group PLC (LON:KMK) shares surged in early trading Monday after it clinched a long-term supply agreement to customise its technologies for baggage screening systems.

The firm, which develops radiation detection systems, said the contract would commence immediately and run for a five-year period, with an estimated worth of US$7.8mln.

READ: Kromek secures US$1.8mln from US defence department to develop radiation detection device

The contract is with one of Kromek’s existing customers, an x-ray systems maker, and would cover the customisation of its current technologies and CZT detector modules for deployment in the baggage security screening market.

CZT stands for cadmium zinc telluride, a semiconductor used for x-ray and gamma radiation detection that can operate at room temperature.

The firm's systems have already been used in high-level security, with its D3S detector deployed at the July 2018 NATO summit in Brussels earlier this year.

Arnab Basu, chief executive of Kromek, said the latest win continued a trend of multi-year contracts for the firm as its customers moved away from legacy systems to embrace CZT detection technology.

"Our expertise makes us ideally positioned to develop customer-specific detector modules and to efficiently deploy these in advanced screening systems for real-world use" he added.

Shares were up 8.6% at 25.2p.

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Quick facts: Kromek Group PLC

Price: 12.4 GBX

Market: AIM
Market Cap: £42.73 m

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