The Board’s current business strategy comprises the following aspects:
To be the preferred supplier of innovative detection technology solutions, which enhance the quality of information for our customers and allow better decision-making
To enhance the quality of life through detection products technology solutions.
Further commercialisation of the core technology
The Group plans to further commercialise its core technology through new product development for existing core markets, expansion into new geographical markets with existing products, and through licensing its technology in new market sectors.
In particular, the Directors believe that new modalities of nuclear detection, including further forms of cancer screening, as well as a continuing trend for networked sensors will create significant additional opportunities.
Enhanced OEM relationships
The Group will continue to supply its products and subcomponents to OEMs and aims to convert its current development contracts into long-term supply agreements. Additionally, the Group will target the development of new key relationships with further OEM partners in its target markets.
Our nuclear security platforms – D3S and newly launched D5 – cater for the varying demands of homeland security and defence markets. Our D3S platform is widely deployed as a networked solution to protect cities, buildings, or critical infrastructure against the threat of use of ‘nuclear dirty bombs’ by terrorists. Defence and security spending is on the rise around the world and Kromek’s products meet a demand for technology-led solutions to some of the most pressing global security challenges.
We are seeing continued traction in the medical imaging sector as our customers increasingly rollout their products incorporating our technology.
Biosecurity is emerging with significant long-term implications for the business with monitoring and surveillance expected to become the only way to deal with threats from novel viruses such as COVID-19. We have been extremely encouraged by the result from the pilot tests we’ve undertaken, and we expect to transition to the full commercial phase in due course.
We continue to provide OEM and government customers with components and systems for cabin and hold luggage scanning as well as industrial applications.