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 wins US$600,000 contract in Africa; Matthew Wood joins board
Westminster Group (LON:WSG) has been awarded a US$600,000 contract to supply specialist security equipment to a sub-Saharan government in Africa, the firm revealed today.
The order is to supply a range of items in a confidential programme to equip a secure laboratory - to be used by the state security services to combat criminal activities, it said in statement.
Chief executive Peter Fowler said it was another important new contract, demonstrating the firm's growing international reach and reputation.
"Westminster is now active in many countries throughout Africa. The board's focus on building the group's international presence on the African continent over the past few years is now showing significant potential," he said.
"An indication of that potential can be seen from a recent report from the IMF (International Monetary Fund) which states that in the next five years seven of the world's ten fastest growing economies are expected to be in sub-Saharan Africa, including many of the countries we are already active in."
The contract will be completed in the current financial year.
In a separate announcement today, the firm said it had appointed Matthew Wood as a non-executive director with immediate effect.
Wood, 38, has provided consultancy services to Westminster, which supplies products to the defence, security, fire protection and safety markets, for some time.
The Economics graduate and accountant will also become a member of the firm's audit and remuneration committees.
After qualifying as a chartered accountant in 1999, Wood joined the corporate finance department of Beeson Gregory Ltd - now Evolution Securities.
And in 2006, he established CMS Corporate Consultants Ltd, a Plc corporate advisory firm based in the City providing advisory services to small cap quoted companies, including Westminster.
CEO Fowler welcomed the appointment and said he believed Wood's experience - particularly his extensive background in advising growing companies, would be invaluable to the firm.
The company also told investors it has appointed Fairfax IS PLC as its nominated adviser and sole broker - also with immediate effect.
In September this year, the group released its first half results and pointed out that 2011, so far, had 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,” the company had said.
Fowler had 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."
