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Kromek lifted as it inks nuclear security contract with new customer

The contract, which carries a price tag of at least US$1.4mln, will begin immediately
Radiation detector
The contract will be delivered over a three year period, with minimum volumes annually

Kromek Group PLC (LON:KMK) shares were lifted on Tuesday after it secured a contract to supply its CZT radiation detectors to a new customer, an original equipment manufacturer (OEM), for use in the nuclear security market.

The contract, which carries a price tag of at least US$1.4mln, will begin immediately and be delivered over a three year period with minimum volumes for each year.

READ: Kromek proposes share placing to fund business expansion

Arnab Basu, Kromek’s chief executive, said that the contract increased the “visibility of future revenues” and, following a £21mln fundraise earlier this month, the firm was able to “capitalise on similar opportunities in this fast-growing market”.

In late-morning trading, Kromek shares were up 1.5% at 27p.

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