Westminster Group PLC (LON:WSG) has edged a little closer to sign-off of a US$24mln a year security project in the Middle East.
Final completion has been held up by the client’s internal approval process, but Westminster today said that the remaining contractual and commercial issues are now agreed.
“The project remains a high priority for the client and we still believe this final approval process is imminent, but with any project of this size and complexity there can never be certainty of timing or outcome as we are dependent on the client's timescales.”
Westminster intends to raise funds once the deal is signed, with the details now likely to be announced next quarter.
Separately, Westminster added that its technology division had picked up a US$4.5mln order, also in the Middle East, to screen vehicles as they enter a high-security facility.
The project will commence as soon as advanced payments are received, with most of the contract to be delivered during the current financial year.
Peter Fowler, Westminster’s chief executive, said the contract was with an existing customer and was secured after a prolonged period of negotiations.
Shares in Westminster jumped 20% to 25.5p.