Kromek Group Wins 5-Year Contract With Baggage Security Screening Firm

LONDON (Alliance News) - Radiation detection technology company Kromek Group PLC on Monday said ...

Alliance News 4 September, 2017 | 12:28PM
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LONDON (Alliance News) - Radiation detection technology company Kromek Group PLC on Monday said it has secured a five-year contract with a new customer in the security screening market.

The contract, worth USD2.0 million, was secured with a "leading" original equipment manufacturer in x-ray imaging systems, Kromek said.

Under the terms of the agreement, the customer will incorporate Kromek's technology into its baggage security screening systems "to enhance detection of an extensive range of threat materials".

Revenue from the contract will commence in the current financial year.

This is the second long-term contract Kromek has signed in the security screening market in 2017, after in February securing a five-year USD3.1 million agreement with an existing US-based customer.

"We are delighted to secure another long-term contract with a new OEM customer in the security screening market. This agreement further demonstrates the demand for our products and technology as all OEMs in this arena begin upgrading their legacy systems to bring them in line to detect modern day threats. We look forward to working with this new customer and developing a long-term relationship with them," Chief Executive Arnab Basu said.

Shares in Kromek were trading up 1.8% at 29.00 pence on Monday.

By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews

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Security Name Price Change (%) Morningstar
Rating
Kromek Group PLC 26.00 GBX -2.44 -
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