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Westminster Group revenues rise by a quarter in 2018

To give more financial flexibility Westminster has negotiated another extension to the repayment date on £2.245mln of convertible loan notes
Airport security contract is going well

Westminster Group PLC’s (LON:WSG) revenues rose strongly in 2018 in spite of delays to a security screening project in the Middle East.

Turnover for the year was £6.7mln, a 24% year on year increase, with underlying losses reduced to £378,000 (2017: loss £1.23mln).

Westminster added there was also a possibility it might post an underlying profit depending on when it is paid for an old and sizeable long-term debt.

Progress had been made with the debt, which has already been written off, but it is more likely anything recovered will be recognised in the 2019 numbers said the statement.

Westminster added that to give more financial flexibility it has negotiated another extension to the repayment date on £2.245mln of convertible loan notes until June 2020.

This means it can pay down the loan at a time of its choosing, said the security group.

The conversion price into Westminster shares has also been reduced.

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Westminster Group PLC Timeline

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