April 19, 2023

Kromek’s second major contract win reinforces bullish outlook

Kromek Group PLC (AIM:KMK)’s second major contract win in as many days has reinforced house broker finnCap’s bullish position on the AIM-quoted medical technology company.

Kromek will integrate its cadmium-zinc-telluride (CZT)-based detector technology into medical imaging and security scanners with CT scan specialist Analogic Corporation, as announced one day after its “game-changing” seven-year tie-up with a top medical imaging manufacturer.

Today’s announcement makes Kromek, as the only independent supplier of CZT detector tech, “well positioned to secure additional development and supply agreements with other OEMs and build market share”, said finnCap.

finnCap’s analysts expect this latest development contract “to transition to a long-term supply agreement in due course”.

The broker made not changed to its 27p target price, marking an eye-catching 310% upside against the April 19 share price of 6.52p.

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