Kromek wins contract with US federal entity

25th Apr 2024 11:14

(Sharecast News) - Radiation and bio-detection technology Kromek Group has secured a contract with an unnamed "US federal entity" for the provision of nuclear security products.

Kromek said on Thursday that the contract, from an existing customer, covers the provision of its D5 RIID, D3M and D3S-ID wearable high-performance radiation detectors.

The AIM-listed group stated it has already received a $358,000 order under the contract for immediate delivery, with up to $2.5m to be awarded over the next 24 months.

Chief executive Arnab Basu said: "We are pleased to have received this new contract, which reflects the strength of our longstanding business relationships and the quality of our nuclear security offering. We are continuing to experience excellent momentum in CBRN Detection as the threats to public security persist across the globe.

"We believe our products provide best-in-class capability to manage these threats and, consequently, we expect to receive further nuclear security orders in the near term."

As of 1110 BST, Kromek shares had surged 12.79% to 7.90p.

Reporting by Iain Gilbert at Sharecast.com