Westminster Group PLC (LON:WSG) shares jumped higher on Wednesday following news its Technology division has been awarded a new US$3.48mln contract for the provision of advanced container screening solutions to two separate ports in an Asian country.
The AIM-listed supplier of managed services and technology-based security solutions worldwide said the contract, which has been under negotiation for several months, will commence as soon as export licencing has been granted.
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It added that around US$3.05mln of the contract amount relates to the supply and installation of the systems, which are expected to be largely delivered during the fourth quarter of 2019, and circa US$430,000 relates to maintenance services over the next two years.
Peter Fowler, Westminster Group’s chief executive commented: "Having recently delivered the remainder of the US$4.5mln vehicle screening contract in the Middle East, which the Company secured in 2018, this latest award for container screening at two ports in Asia is a testament to Westminster's expertise and global reach.”
He added: “Security of ports, like airports, is a high priority for governments around the world and Westminster have been developing wide ranging solutions covering various aspects of port and airport security. This contract is one of several large-scale projects we are currently negotiating in different parts of the world."
Commenting on current trading, Fowler said: “We have commenced 2019 on a strong note ahead of budget and this latest award underpins our expectations for the year.”
In late morning trading, Westminster Group shares were 9.4% higher at 8.75p.
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