Westminster Group PLC (LON:WSG) has revealed that the majority of issues and challenges created by the US sanctions renewal against Iran have now been addressed and the security contract for one of 60 airports in the country, which was signed in May 2018, remains a key focus for the company.
In an update on contracts, the AIM-listed supplier of managed services and technology-based security solutions worldwide noted that the large-scale, long-term Iran contract had to be put on hold following the US unilateral withdrawal from the Joint Comprehensive Plan of Action.
READ: Westminster Group taps into infrastructure security market with Keyguard buy
However, it pointed out, the European Union is hoping to have its Special Purpose Vehicle, to assist with Iranian trade transactions, in place early in the new year.
Westminster Group said: “Both parties remain committed to the project and despite the challenges continue to work towards commencing the project at the earliest opportunity.”
The firm also noted that its chairman, Tony Baldry, and CEO Peter Fowler, recently returned from Africa having progressed discussions on one of its long-term airport security project opportunities.
It added that contracts have been drafted and the group anticipate providing a further update in the new year.
In addition, Westminster said, a US$4.5m contract award announced in March 2018 to provide several advanced vehicle screening solutions to a high-security facility within the Middle East, is still expected to be largely completed by the year-end.
The firm said there is just US$224,000 of commissioning works outstanding at the year end, which will be undertaken in the new year.
The company said it will be announcing a trading update and notice of results in late January 2019.