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Kromek shares rise on USD5.9 million contract with US government

26th Oct 2023 14:22

(Alliance News) - Kromek Group PLC on Thursday said it has won a USD5.9 million contract from the US Department of Homeland Security's Countering Weapons of Mass Destruction Office.

Shares in the Sedgefield, England-based detection technology supplier were up 3.9% at 4.31 pence each in London on Thursday afternoon.

The contract is for the research and development of technologies focusing on an agent agnostic bio-detection system. It was awarded under a four-year programme, which commenced immediately, and Kromek expects to receive USD874,000 during the first year base period.

Chief Executive Arnab Basu said: "We are pleased to have been awarded this new contract for the research and development of agent agnostic biosecurity technologies, which will build on our existing expertise and technology in the field of automated bio-detection solutions.

"It is our first biosecurity contract from the Department of Homeland Security and underscores our belief that there are significant market opportunities in this area, as our technologies align well with government biosecurity strategies."

By Sophie Rose, Alliance News reporter

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