Recent new contracts show that Kromek’s investment in bio-hazard detection technology is becoming a commercial reality. On 26 October the Group received a US$5.9m (£4.84m) contract from the US Department of Homeland Security Countering Weapons of Mass Destruction (CWMD) Office - the first for Kromek - to research and develop technologies for agent-agnostic bio-detection. On 31 October Kromek announced 3 more orders for CBRN detection worth a total of US$1.0m (£0.82m), most of which is expected to be recognised in the current year to 30 April 2024. Then on 7 November the Group announced a collaboration agreement with a new blue chip partner for CZT-based photon-counting CT medical applications; the partner provides solutions to over 100,000 customers globally. Kromek had also announced the refinancing of its HSBC RCF in September and our outlook remains unchanged: indicative of a FY25 E EV/EBITDA multiple of 6.8x. As does our Fair Value at 26p / share.