24 September 2019
Kromek Group plc
("Kromek" or the "Group")
Kromek awarded two contracts for D3S products
Two extension contracts worth c. £1.6m from European and US customers to be delivered this year
Kromek (AIM: KMK), a worldwide supplier of detection technology focusing on the medical, security screening and nuclear markets, is pleased to announce that it has been awarded two extension contracts relating to its D3S family of products and technologies designed to counter nuclear terrorism. The contracts are worth an aggregate of approximately £1.6m and will be delivered in this current financial year.
The US Government's Countering Weapons of Mass Destruction Office, which is a component within the US Department of Homeland Security, has awarded Kromek a $0.7m (c. £0.6m) extension contract to add further technical innovation capability to the D3S family of products. The enhancements will provide greater operational capability by improving user experience and add a specialised reporting function to generate further information for homeland security organisations.
The Group has also been awarded a £1.0m contract extension by a European government-related company to provide integration of Kromek's D3S-related technologies. The customer is a company that works with a European government to detect and protect against potential nuclear threats, and the Group's solutions will be used for wide-area threat monitoring. This brings the total awarded by this customer during this financial year to £2.1m.
Arnab Basu, CEO of Kromek, commented: "The D3S family of products is gaining increasing momentum globally, with sales in 18 countries, as governments continue to adopt innovative solutions for countering the threat of nuclear terrorism. We are also pleased to be receiving further orders from existing customers, which reflects the value that they gain from our solutions. With some of our multi-year trials approaching a successful conclusion, we look forward to additional product and system-level sales of this leading-edge solution in the future."
This announcement contains inside information.
For further information, please contact:
Kromek Group plc
Arnab Basu, CEO
Derek Bulmer, CFO
+44 (0)1740 626 060
Cenkos Securities plc (Nominated Adviser)
Max Hartley (NOMAD)
Julian Morse (Sales)
+44 (0)20 7397 8900
Luther Pendragon Ltd (PR)
+44 (0)20 7618 9100
About Kromek Group plc
Kromek Group plc is a technology group (global HQ in County Durham) and a leading developer of high performance radiation detection products based on cadmium zinc telluride ("CZT") and other advanced technologies. Using its core technology platforms, Kromek designs, develops and produces x-ray and gamma ray imaging and radiation detection products for the medical, security screening and nuclear markets.
The Group's products provide high resolution information on material composition and structure and are used in multiple applications, ranging from the identification of cancerous tissues to hazardous materials, such as explosives, and the analysis of radioactive materials.
The Group's business model provides a vertically integrated technology offering to customers, from radiation detector materials to finished products or detectors, including software, electronics and application specific integrated circuits ("ASICs").
The Group has operations in the UK and US (California and Pennsylvania), and is selling internationally through a combination of distributors and direct OEM sales.
Currently, the Group has over one hundred full-time employees across its global operations. Further information on Kromek Group is available at www.kromek.com and https://twitter.com/kromekgroup.