Westminster Group PLC (AIM:WSG) said it was "well ahead" of budget in the first half of the year as its West African airport operations and training business both run at record levels.
Revenues of £3.5 million were reported by the technology-based security specialist for the first six months of 2023, which was lower than the £3.9 million a year earlier due to the termination of the Ghana port operation in February.
But the cancellation of this contract was partly offset by other parts of the business performing well and sales in the Technology division being delayed from the previous year.
Improved gross margins meant losses were much reduced at the EBITDA level, down to roughly £98,000 from £0.65 million last time, with operating losses cut to £0.27 million from £0.78 million.
In June, the company announced it was carrying out a cost optimisation strategy.
“Our guarding business has exceeded internal expectations in the period, and we saw a number of contracts extended and expanded, including providing services for the Historic Royal Palaces,” said chief executive Peter Fowler.
He said Westminster Group had delivered products and services to 35 countries around the world, including some important new contract wins, and continued to progress the DRC managed services project and other large-scale opportunities.
The West African airport business was said to have continued the growth seen last year, with the new terminal operation and a collaboration with Summa working well, while the training businesses also performed well as new contracts were won and services continued to be provided at one of the UK's largest airports.
The business is traditionally second-half weighted, and the board believes that will continue to be the case this year.
"We look forward to delivering further growth and improvements over the remainder of 2023, building on our 2022 results," said Fowler.
"The key to achieving this, of course, is to secure new contracts with enough time to recognise revenues in the year and we are working hard to deliver that. We remain positive about our future growth prospects."