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Westminster Group kicks on again ahead of big project update expected later this month

The shares were trading in single figures prior to the announcement on 22 December and are now trading at 27.17p
Airport security
Shareholders have been waiting on closure of an "aviation security opportunity in the Middle East" for some time

Shares in security solutions provider Westminster Group PLC (LON:WSG) ended the year in spectacular style and kicked on again today after some broker comment.

House broker Beaufort Securities reiterated its ‘speculative buy’ rating in the wake of Westminster Group’s pre-Christmas Eve announcement regarding significant progress on finalising the details of a big contract in the Middle East.

READ: Westminster Group surges as it closes in on lucrative long-term project in Middle East

All but a few more minor commercial and contractual issues have now been agreed by a number of governmental departments and organisations, Beaufort noted.

The company is now waiting on its client for one final internal approval to undertake this project in phases, with the initial phase expected to be worth roughly €24mln a year to Westminster.

“The company has made … huge progress with respect to its Middle East opportunity. We look forward to the further update this month,” Beaufort said.

Westminster had indicated it expects to provide a further update on the project’s progress later this month.

READ: Westminster Group raises £750,000 via over-subscribed placing to support development of anticipated Middle East project opportunity

“Financially, the company said it has plans in place to raise the required funds in Q1 2018 to support investment in this project and other potential new Managed Services contracts. Given positive progress, Beaufort reiterates its Speculative Buy rating on the share,” the broker concluded.

Shares in Westminster were up 13% at 27.17p in late morning trading, and are almost triple the value they were before the announcement on 22 December.

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Westminster Group PLC Timeline

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