New contracts being won right across the board

The US was the first to recognise the danger, but since then other Western nations have woken up to the risk that many international capitals could literally become ‘ghost towns’ overnight, if attacked by terrorists, rogue nations &/or organised criminals who successfully detonated a ‘dirty bomb’.

And today Kromek said that it had signed two D3S contract extensions (worth £460k in FY21) to provide networked ‘counter nuclear terrorism’ solutions for a European government-related firm. Bringing the total awarded with this client to >£2.5m over the past 2 years. Meaning these new follow-on orders certainly are not ‘early-stage’. Instead, we think Kromek is inching closer to securing several large scale deployments of its leading D3S technology across major international conurbations. Each of which have the potential to generate £ms in revenues.

Better still, after being rocked during the height of the pandemic, it appears the Group’s 3 core markets – namely Medical Imaging (elective procedures), Homeland Security (lockdowns) & Airport Screening (passenger flights) – are all now recovering at various speeds. Boding well for the rest of FY21 & beyond; and in terms of valuation the stock at 12p trades on just a 2.9x trailing EV/sales multiple vs >5x for similarly ‘disruptive’ IPR-rich tech peers.