Westminster Group PLC (LON:WSG) saw its shares jump over 16% higher this morning as the global security and services specialist said it is moving closer to finalising a long term airport contract in the Middle East, which is expected to lead to revenues of over £35mln a year.
In early morning trading, Westminster shares were up 16.8%, or 2.25p at 15.62p.
READ: Westminster making “significant progress” on possible £525mln, 15-year airport security contract
Overall, Westminster is now in a better position as it expands internationally, establishes subsidiaries and an operational office in Germany to provide strategic support for our projected growth, Peter Fowler, chief executive will tell an AGM today.
On the Middle East deal, preparations are now being made for certain board members and Fowler to travel to the country concerned for what is hoped will be final negotiations.
"We expect to provide an update on developments in the near future," said Fowler.
"Airport security solutions and our experience in the sector represent a significant growth opportunity for the group and we continue to progress a number of long term prospects, both those under existing MoUs and others that are at an early stage," he said.
Fowler added that Westminster could achieve unprecedented growth from its many prospects, any one of which could be transformational.
Earlier this month, Westminster revealed that the recovery in West Africa airport passenger numbers was continuing as it confirmed a return to underlying profitability in 2016.
Full-year results from the managed services and security solutions provider showed revenues in 2017 rose 31% to £4.4mln from £3.4mln the year before.