Westminster Group PLC (LON:WSG) said it had made “significant progress” on a long-term project in the Middle East and promised a further update “shortly”.
At a reported £35mln a year, the airport deal would be transformational.
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It is one of several contracts currently under negotiation that are part of the security company’s increased focus on managed services.
The update came alongside interim results, which revealed managed services accounted for the lion’s share of revenues: £1.8mln for the six months ended June 30 from a total of £2.9mln.
Group turnover advanced £900,000 to £2.9mln, while the technology division contributed £1mln to the overall total. The company’s two main units posted top-line growth of 41% respectively.
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Westminster posted an EBITDA loss of £600,000, which was primarily the result of the ferry contract it has in Sierra Leone, which failed to meet expectations.
It has now reached an agreement with Sea Coach Express that will be “commercially more beneficial to the group”.
At the period-end, Westminster was sitting on cash of around £800,000, which had fallen to £400,000 at the start of this month.
The firm said it expects to seek funding in the fourth quarter to support the anticipated Middle East contract.