Kromek receives Security Screening Contract order expansion
Kromek (AIM: KMK), a worldwide supplier of detection technology focusing on the medical, security screening and nuclear markets, is pleased to announce that it has received an order expansion under its five-year contract in the security screening market that was awarded and announced on 22 February 2017. This order expansion has 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, commented: “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.”