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Financial Services

Kromek wins US$1.6mln contract for nuclear radiation detector

The product is designed to help first responders, armed forces, border security and other defence experts detect radiological threats

Kromek Group PLC (AIM:KMK, FRA:4KM) said it received a US$1.6mln contract for its D3S-ID wearable nuclear radiation detector.

The firm will supply a US federal entity with its product, designed to help first responders, armed forces, border security and other defence experts detect radiological threats, such as dirty bombs, radioactive contamination, smuggling of radioactive substances and radiation at the scene of an accident or terrorist attack.

WATCH: Kromek Group: 'Entered this year with great visibility, strong balance sheet and very good pipeline'

The contract will be delivered over two years starting immediately.

"Only last month there was an incident in France of a student building a dirty bomb with uranium oxide bought on a widely used online platform. This case highlights both the pervasiveness and accessibility of such dangers and the need for constant monitoring. Solutions such as our D3S platform, which is continuously scanning in real time, provides security authorities with an early warning system for potential threats, enabling a more effective response,” said chief executive Dr Arnab Basu.

"With global defence and security spend on the rise around the world in response to volatile international relations, we expect to receive further orders for our nuclear security products, contributing to our significant anticipated revenue growth for this year and our pipeline for the years ahead."

Shares rose 3% to 16.89p on Thursday morning.

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