£5m biological threat-detection contract award
Kromek Group has announced the award of a three-year UK Government department biological threat-detection programme contract worth £4.9m. Work on the contract is scheduled to commence in December 2022; the three-year term includes an option for extended maintenance-related services.This is a significant contract and a clear ratification of the development work undertaken by Kromek, focused on the detection of biohazards which include the recent COVID-19 pandemic, but also extend to the development of systems capable of identifying and geo-locating other biological threats. In an environment currently absorbed by a variety of economic and geopolitical risks, the threat represented by natural or man-made biological agents has not diminished.
On the 10th November, Kromek added that it expects revenue growth of “approximately 45% for the six months to 31 October 2022. The latest, £5m, biohazard detection contract, adds to this momentum. Our FY23 outlook remains unchanged at £18.0m revenue, +49%YoY (E), EBITDA (adj.) of £0.3m, and a reduced EBIT loss of (£4.3m) vs FY22: (£5.5m). We also retain our Fair Value at 26p/share.
Kromek Group is a developer of radiation detectors based on cadmium zinc telluride, providing detection and characterization capabilities within the medical imaging, nuclear detection and security screening markets. Co. designs, develops and produces x-ray and gamma-ray imaging and radiation detection products.
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