Kromek Group (LON: KMK) shares are climbing on Tuesday after the company announced it has been awarded a nuclear detection contract worth a minimum of $960,000.
The worldwide supplier of detection technology said approximately $150,000 of the contract will be realised in the current financial year.
The Group will receive $260,000 to customise its CZT detector platform for integration into a new radiation detection product available in Asia.
The work will start immediately and will be completed by the end of the year. Kromek will then supply the platform under a three-year contract which is worth a minimum of $700,000.
“By incorporating Kromek's CZT technology, our customers are able to differentiate their radiation detection products by offering a superior performance while maintaining a small footprint,” said Dr Arnab Basu, CEO of Kromek
“We are also pleased that this long-term contract will contribute to our revenues for the current period as well as support our visibility over the next three years,” Basu added.
Kromek’s share price is currently trading 2.61% higher at 16.30p.
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