logo-loader

Westminster Group upbeat on growth prospects as it unveils new board structure

Published: 09:15 30 Jun 2016 BST

A ferry
The Sierra Queen ferry

Global security and service provider Westminster Group PLC (LON:WSG) is upbeat about its growth prospects and has reported a "significantly" improved performance in the first six months of the year, it will tell an AGM later today.

It will also unveil a raft of board changes after a strategic review, including the appointment of a new deputy chairman.

As reported earlier this month, improved performance in both the managed services and the technology division has lead the group to reach close to EBITDA break-even in the first half as the airport security operations benefit from a recovery in passenger traffic as the Ebola crisis is put in the past.

"This, together with the long awaited commencement of the ferry services now in sight, the business changes and enhancements we are undertaking to strengthen the business, and the progress we are making in our core long term managed services business, not least the recently signed Letter of Intent for a long term major airport contract, means we are both positive and excited by our growth prospects in the months and years ahead," the group will tell investors.

Notably, the managed services division currently has seven memorandum of understanding (MoU) signed with various governments and airport authorities in different regions of the world, all still active, three of which have been signed in 2016.

In February 2016, the technology division unveiled an MoU relating to a proposed 20-year border security project at an import border crossing within the Middle East.

Following prolonged delays, the Sierra Queen vessel in Sierra Leone is now on the slip in the local shipyard and repairs are underway, the firm added.

Westminster added it was bringing in a streamlined Plc Board responsible for the strategic direction, along with the creation of an operational board with responsibility for the running of the business and an International Advisory Board to advise on various international issues including governmental and client liaison.

To that end, barrister Sir Tony Baldry will join the PLC board as deputy chairman. Sir Tony was a Member of Parliament for 32 years, stepping down in 2015.

Roger Worrall who is retiring by rotation at the AGM will no longer be seeking re-election to the Plc Board so he can concentrate on his role as a director of the Operations Board.

Westminster added it was in discussions with other individuals will be reporting on further appointments and changes to its board structures in the near future.

Westminster Group has "delivered a strong recovery"

Westminster Group PLC (AIM:WSG) chief executive Peter Fowler speaks to Thomas Warner from Proactive after releasing final results for calendar year 2022. Fowler says that following a tough pandemic, Westminster Group "delivered a strong recovery" during 2022 and has continued to build on that...

on 2/6/23