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Kromek “well-placed to capitalise on opportunities” as demand helps fuel growth

A technology firm known for helping thwart terror attacks says it is “well-placed to capitalise on expanding opportunities” after customer demand complemented a successful fundraising.

Kromek says it “continues to look to the future with confidence” following a prolonged spell of growth, which has seen the business deliver contracts and win new orders.

Bosses say its progress means Kromek has entered the second half of 2018/2019 in a stronger position than at the same point of the prior year, with the company expecting to report revenue growth for the full year 2018/2019 and earnings before interest, tax, depreciation and amortisation (EBITDA) profit in-line with market expectations.

Speaking during a trading update for the year ended April 30, a spokesman for the firm, based at NETPark, in Sedgefield, County Durham, said: “The company continues to gain traction in all business segments with the award of high-value, multi-year contracts from commercial and large government customers worldwide.

“With the increasing market adoption of customers’ next-generation products that incorporate Kromek’s radiation detection solutions, combined with the successful fundraising completed in the second half of 2018/2019, the company is well-placed to capitalise on the expanding opportunities.”

The business is known for supplying detection technology for the medical, security screening and nuclear markets – with its agreements including a deal to send thousands of radiation detectors to an agency of the US Department of Defense to help identify threats, including ‘dirty bombs’ – and it last week revealed a contract expansion expected to be worth $2.7 million.

The company picked up the order increase as part of a five-year security screening market contract, which was originally awarded in early 2017.

The business says the expansion has increased the total value of the contract to a minimum of $5.8 million over the period, with its additional $2.7 million expected to be recognised over the next 24 months.

Kromek began delivery under the contract in 2017, with orders as expected for the first two years.

However, for years three and four, the business says its customer has increased its order quantities, resulting in the contract now having a minimum value of $5.8 million, compared with the original $3.1 million minimum.