www.wg-plc.com
The Westminster Group is a specialist security group operating worldwide via an extensive international network of agents and offices in over 45 countries. The Group's principal activity is the design, supply and ongoing support of advanced technology Fire, Safety, Security and Defence solutions to governments and government agencies, non governmental organisations and blue chip commercial organisations worldwide. The Group is listed on the AIM market of the London Stock Exchange and its Corporate Headquarters and Demonstration Grounds occupy a 4½ acre site, discreetly located in the heart of the English countryside.
Westminster Group record order intake boosts visibility through to 2012
Banbury headquartered security firm Westminster Group (LON:WSG) reported record order intake in the year so far giving better visibility into the rest of 2011 and into 2012.
Finance director Ian Selby told Proactive Investors that this has marked a turnaround from the slower order intake in 2010, which was reflected in the reduced revenues in this morning's results for the first half of 2011.
Revenue in the six months to June 30 2011 came to £1.78 million, down from £2.35 million in the previous first half. Pretax loss widened to £2 million from £1.42 million.
The delays in realising revenue were outside of Westminster’s control in the rollout of certain orders. The results do not reflect the improving sales performance, but are more representative of the weak order intake in 2010, it said in a statement.
The group pointed out that 2011 so far has been a period of record order intake. In the first half, Westminster received orders with a sales value of £12.4 million compared with £1.1 million for the previous first half and £2.4 million for the whole of 2010.
“We are now starting to deliver against these orders, invoicing £6 million between 1 July 2011 and 30 September 2011 and expect to continue to deliver against these orders for the remainder of the financial year and into 2012,” it said.
Chief executive Peter Fowler added: "We believe that the group has now reached an important inflection point despite disappointing revenues for the first six months, with strong order book levels providing good visibility for the remainder of 2011 and into 2012.
"Our pipeline continues to grow against a backdrop of global drivers and opportunities arising from our presence in high growth emerging economies. This, combined with the contracts won in the year and the increasing enquiry levels mean that we remain optimistic about the future."
As at June 30, Westminster had cash resources of £320,000, compared with £130,000 a year earlier. In July it raised £617,000 after expenses in a share issue priced at 12 pence and is confident it has sufficient working capital for the next 12 months.
It is currently putting in place extended trade financing facilities in order to fully maximise its opportunity and to enable it to rapidly deliver against customer projects.
Westminster is still in several discussions with potential strategic investors who are interested in partnerships or strategic investments, as announced at the end of July, and will update investors as appropriate.
The group's principal activity is the design, supply and ongoing support of advanced technology security solutions, risk assessments and close protection services. It serves the security, defence, fire protection and safety markets worldwide.
Services can range from product only assignments, such as the supply of specialised scanners, to the design and implementation of an integrated system solution such as a border detection and surveillance system. The majority of Westminster’s customer base, by value, comprises governments and government agencies, non-governmental organisations and blue chip commercial organisations.
