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Kromek glows as increased orders add US$2.7mln in value to existing contract

The expansion will take the total worth of the five-year contract to US$5.8mln, with the additional value expected to be recognised in the next 24 months

Explosive warning
Under the contract, Kromek provides key components for screening systems that detect explosives

Kromek Group PLC (LON:KMK) shares got a boost on Wednesday after increased orders for an ongoing contract added US$2.7mln to its value.

The firm, which supplies detection software for medical, nuclear and security screening devices, said the order expansion would take the total worth of the five-year contract to US$5.8mln, with the additional value to be recognised in the next 24 months.

READ: Kromek lifted as it inks nuclear security contract with new customer

Originally announced in February 2017, the deal sees Kromek provide key components for screening systems that detect explosives to a US customer operating in the homeland security space.

"This was our first long-term contract in the security screening market and we are pleased to see the value now increase by almost 90%”, said Arnab Basu, Kromek’s chief executive.

“This latest order expansion is an endorsement of the strength of our detection solution and credentials as a high-quality product supplier. We are gaining traction across all our markets as our customers continue to recognise the value that our technology adds to their products.”

Shares were 3.6% higher at 26.4p in mid-morning.

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Quick facts: Kromek Group PLC

Price: 19.05 GBX

AIM:KMK
Market: AIM
Market Cap: £65.65 m
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