Westminster Group PLC (AIM:WSG) said it received US$500,000, representing around 12 months of contributions, in full and final settlement of its dispute with Scanport for its Ghana port operations.
In a statement, the security specialist said the figure is less than the carrying figure in its accounts, but the terms of the settlement are favourable and timely given the future targeted growth anticipated in early 2024 in its managed services business.
Westminster added that because of the timing of contracts in the managed services division it is changing its year-end from 31 December to 30 June, effective immediately.
The next three sets of results, therefore, will be unaudited interim accounts for the six months to 31 December 2023 to be published by 31 March 2024; audited annual accounts for the 18 months to 30 June 2024 by 31 October 2024; and unaudited interim accounts for the six months to 31 December 2024 by 31 March 2025.