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 reports record order book in 2011 as firm continues to grow
Specialist security firm Westminster Group (LON:WSG) reported a record order book in 2011, which resulted in a 260 per cent increase in revenue as the company continues to grow.
The record order intake for the 12 months to December 31 was around £14.7 million (2010: £2 mln) and the firm enters 2012 with a contracted order book of £4.7m (2011: negligible) which is expected to benefit the first half, it said.
Chief executive Peter Fowler said a contributing factor was the strengthening of the management team with a series of key appointments beginning in July last year.
He said: "Westminster's opening order book is a key indicator of the momentum in the business.
"The level of new business enquiries is at a record level, with the mix of business improving to smooth the revenue profile of the business. We anticipate that 2012 will be an exciting and pivotal year for Westminster as we look to profitably grow the business to the next level."
Revenues for the year were around £10 mln compared to £3.8 mln in 2010, reflecting the much improved performance in the second half where revenues were more than £8mln, the trading update showed.
The group also achieved a significant underlying operating profit in the second half of the year, which compared favourably to the same period last year. As at year-end, it held £0.4mln in cash compared to £0.3 mln in 2010.
Fowler added that the firm's pipeline of potential business continued to strengthen and it was gaining strong interest from high growth emerging markets in Africa, the Middle East and Asia.
"The group is focused on developing a recurring revenue model with long term contracts as a counter balance to its traditional large and volatile contract base and has identified certain opportunities which it is actively pursuing," he said.
