How nuclear terrorism is a $1bn opportunity for this UK firm
Radiation detection firm Kromek believes its product, which helps security services protect cities from nuclear terrorism, presents a $1bn opportunity in the next five to 10 years.
The DS3 detectors — small, blackberry-like devices that can be carried around by individual police officers — create a comprehensive heat map of radiation. This then identifies irregular radiation sources, such as a person moving through a busy public space with a dirty bomb.
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Dr Arnab Basu, the group's chief executive, told CityAM that it's talking to officials in various cities in the US and worldwide about adopting this technology.
In February, the Aim-listed firm became the sole supplier of its DS3 detectors to an agency within the US Department of Defence in an agreement worth $6m.
It also secured a five-year contract totalling $12.6m for its CZT detectors, which doctors will use to x-ray patients suffering from osteoporosis.
These deals helped it win a record $30m of new orders last year, improving its revenue visibility for the full year 2016/17.
Kromek’s revenue increased 2.47 per cent to £8.34m for the year ended 30 April 2016, from £8.1m a year earlier.
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Product sales accounted for more than half of total revenues for the first time in the group’s history, rising 41 per cent to £5.4m during this period.
But it's operating loss swelled 32.68 per cent to £4.06m, due to sales costs and administrative expenses.
Its shares rose two per cent to 25.5p per share this afternoon.