Westminster Group PLC predicted a record year ahead after revenues recovered strongly across all businesses over the past 12 months.
“Building on our 2022 results, we believe a record year of revenues and profitability are in sight for 2023,” said chief executive Peter Fowler.
Sales jumped by 35% to £9.5mln in the year to December 2022, with technology revenue up 65% to £3.2mln and services 23% higher at £6.3mln.
Aviation training had a record year as did the West African airport operation, said the security specialist, while sales doubled at its guarding arm.
Fowler commented: "Not only did we significantly increase year-on-year revenues, but we secured and delivered some notable and important accomplishments during the year such as providing an extensive screening solution for the late Queen Elizabeth II's funeral event in September 2022, which was a great honour.”
The current year, 2023, had also started strongly, he said, with the first quarter ahead of budget and £1.8mln of work in hand.
Fowler also highlighted the incoming Martyn’s Law legislation, which requires venues to provide adequate protection to the public against possible terrorist attacks following the Manchester Arena bombing, as an opportunity for Westminster.
Home Office estimates are that 650,000 businesses will be affected.
Elsewhere, Fowler said there is some movement on a much-delayed new airport contract in the DRC and a West African port contract where a land issue has been resolved and construction set to start.
He also mentioned that the company continued to develop its pipeline of new large-scale opportunities including some exciting, long-term prospects.
Net losses for 2021 were £11,000 compared to £1.93mln in 2021.