Security screening contract extension adds $2.7m to Kromek

Listed radiation detection technology company, Kromek, which has its research base in Huddersfield, has successfully extended a contract to add $2.7m to its value.

The order expansion relates to a five-year contract in the security screening market announced in February, which has now increased the total value of the contract to a minimum of $5.8m over the period, with the additional $2.7m expected to be recognised over the next 24 months.

Kromek commenced delivery under the contract in 2017 with orders as expected for the first two years. For years three and four, the customer has increased its order quantities resulting in the contract now having a minimum value of $5.8m, compared with the original $3.1m minimum, over the five-year period.

Arnab Basu, CEO of Kromek, said: “This was our first long-term contract in the security screening market and we are pleased to see the value now increase by almost 90%. This latest order expansion is an endorsement of the strength of our detection solution and credentials as a high-quality product supplier.

“We are gaining traction across all our markets as our customers continue to recognise the value that our technology adds to their products. This customer, like many others, is seeing increasing market adoption of its next-generation equipment that incorporates our detection solutions, and so we will continue to benefit from this growing momentum.”