28th Jan 2019 09:16
LONDON (Alliance News) - Medical, security and nuclear detector supplier Kromek Group PLC said Monday it secured a USD58 million multi-year contract with an existing medical imaging customer.
The seven-year contract with an unnamed existing original equipment manufacturer customer worth a minimum of USD58.1 million over the period. The agreement will see Kromek supply cadmium zinc telluride detectors and other associated electronics and will begin immediately.
For the year ended April 2018, Kromek reported GBP11.9 million in revenue and GBP2.5 million in pretax losses.
"We are delighted to have been awarded this multi-year contract from an existing OEM customer, which is one of the most significant that we have secured both from a strategic and monetary perspective," Kromek Chief Executive Officer Arnab Basu said. "It is also the first major contract that will be delivered from our new facility in the US that has been purpose built as a world-class production site for medical imaging products."
"Building on the USD80 million of contracts won over the last three fiscal years, this award strengthens and solidifies our revenue visibility and demonstrates the increasing commercial traction of our CZT detectors in our key target markets of medical imaging and nuclear detection," Basu added.
Shares in Kromek were 5.5% higher at 29.60 pence on Monday.
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