Both of Westminster Group PLC's (LON:WSG) passenger ferries will begin sea trials next month (August) as the service in Sierra Leone moves closer to starting, while it has made significant progress on the Middle East airport deal, it told investors.
In April this year, the 'Sierra Queen' ferry needed repairs after it was damaged in a collision with a submerged obstacle while moving between terminals, after the project had already hit delays.
Now that ferry is back in the water undergoing tests, while a second fast boat - the 70 seater Sierra Princess - has arrived in country and is finalising registration.
Westminster has hired an experienced marine and risk management specialist who is now in country who will be providing the management of the ferry service going forward.
Meanwhile, as previously reported, driven by increased passengers at its airports, Westminster expects to report positive underlying earnings (EBITDA) for the six months to June 30. Revenues in the first half are expected to be in the region of £2mln (2015: £1.9mln).
In the now core managed services division, the firm said contract talks for the 15 year plus Middle East airport security project were progressing well and were now largely complete.
The value and scope of the deal is now significantly greater than the estimated £30mln a year, it noted.
Westminster said that together with UK Governmental bodies, it was now working with the potential customer and various other governmental organisations to finalise the last few issues as a matter of urgency.
It also has six other MoU with various governments and airport authorities, all of which are still active and three of which were signed this year.
The group's technology division made a positive contribution during the first half, with higher margins and a lower cost base, the group added.
The firm is also conducting an ongoing review into management, operations, financing and advisory structure, due to the significant growth potential of the company, it said.