REG - Kromek Group PLC - Kromek receives $2.1m security screening order

KromekAnnouncement

26/03/2024 07:00

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RNS Number : 2389I  Kromek Group PLC  26 March 2024

26 March 2024

 

Kromek Group plc

("Kromek" or the "Group")

 

Kromek receives $2.1m security screening order

New order from long-standing OEM customer

 

Kromek Group plc (AIM: KMK), a leading developer of radiation and
bio-detection technology solutions for the advanced imaging and CBRN detection
segments, is pleased to announce that it has received a $2.1m order from an
existing US-based OEM customer that is an emerging leader and global company
in the homeland security marketplace.

 

The order is for the supply of key detector components for incorporation into
the customers' advanced security screening system for the detection of
explosives. Delivery will commence in the current year and complete in the
first half of FY 2025. The Group has been supplying this customer since 2017
when it was awarded a five-year delivery contract, following the completion of
an R&D phase to design components to meet the customer's requirements, and
it expects to enter another long-term delivery contract.

 

Arnab Basu, CEO of Kromek, said: "We are pleased to have received this latest
order from a long-standing customer in the security screening market. It
demonstrates the strength of our advanced imaging business where, after an
initial design phase, we continue to receive orders for years to come. It also
adds to the growing pipeline for FY 2025, which we expect to be a year of
further growth. In addition, with the global aviation market now recovering,
we expect another long-term delivery contract in due course, which will
provide enhanced visibility into 2025 and beyond. We look forward to updating
the market on our progress."

 

 

For further information, please contact:

 

 Kromek Group plc
 Arnab Basu, CEO                                                        +44 (0)1740 626 060

 Paul Farquhar, CFO

 Cavendish Capital Markets Limited (Nominated Adviser and Broker)        
 Geoff Nash/Giles Balleny/Seamus Fricker - Corporate Finance            +44 (0)20 7220 0500

 Tim Redfern - ECM
 Michael Johnson/Tamar Cranford-Smith - Sales

 Gracechurch Group (Financial PR)
 Harry Chathli/Claire Norbury/Henry Gamble                              +44 (0)20 4582 3500

 

 

Kromek Group plc

 

Kromek Group plc is a leading developer of radiation detection and
bio-detection technology solutions for the advanced imaging and CBRN detection
segments. Headquartered in County Durham, UK, Kromek has manufacturing
operations in the UK and US, delivering on the vision of enhancing the quality
of life through innovative detection technology solutions.

 

The advanced imaging segment comprises the medical (including CT and SPECT),
security and industrial markets. Kromek provides its OEM customers with
detector components, based on its core cadmium zinc telluride (CZT) platform,
to enable better detection of diseases such as cancer and Alzheimer's,
contamination in industrial manufacture and explosives in aviation
settings.

 

In CBRN detection, the Group provides nuclear radiation detection solutions to
the global homeland defence and security market. Kromek's compact, handheld,
high-performance radiation detectors, based on advanced scintillation and
solid-state readout technology, are primarily used to protect critical
infrastructure, events, personnel and urban environments from the threat of
'dirty bombs'.

 

The Group is also developing bio-security solutions in the CBRN detection
segment. These consist of fully automated and autonomous systems to detect a
wide range of airborne pathogens.

 

Kromek is listed on AIM, a market of the London Stock Exchange, under the
trading symbol 'KMK'.

 

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