Kromek awarded US nuclear security contract

RNS Number : 9167F

Kromek Group PLC

10 November 2022

 

10 November 2022

Kromek Group plc

("Kromek" or the "Group")

Kromek awarded US nuclear security contract

Repeat order worth $1.3m to supply D3M radiation detectors delivered

Kromek (AIM: KMK), a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments, announces that it has received, and delivered, a contract worth $1.3m from a US customer for the Group's D3M wearable radiation detector.

This contract is a repeat order, with Kromek having now delivered D3M orders worth $2.6m to this customer in the last six months.

Kromek's D3M is a high-performance combined gamma/neutron personal radiation detector that helps guard against the threat of nuclear terrorism and the illicit movement of nuclear materials. It is wearable, unobtrusive, hands-free and continuously scans for radiation with a six-times lower false alarm rate than the standard of the American National Standards Institute.

Dr Arnab Basu, Chief Executive Officer of Kromek, said: "We are pleased to win this contract for our D3M radiation detectors. This repeat order affirms the strength of our nuclear radiation detection technology and highlights the growing market demand for these products. It is also reflective of the strong trading that we experienced in the first half of our FY 2023 year, and we expect to report revenue growth of approximately 45% for the six months to 31 October 2022. This, combined with the momentum that we are seeing, particularly in the CBRN segment, underpins the Board's confidence in our prospects for the future."  

For further information, please contact:  

Kromek Group plc
Arnab Basu, CEO  Paul Farquhar, CFO	[phone]
finnCap Ltd (Nominated Adviser and Broker)
Geoff Nash/Seamus Fricker/George Dollemore - Corporate Finance  Tim Redfern/Charlotte Sutcliffe - ECM	[phone]
Gracechurch Group (Financial PR)
Harry Chathli, Claire Norbury	[phone]

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 technology, are primarily used to protect critical infrastructure 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'. 

Further information is available at www.kromek.com. 

 

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