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Westminster Group PLC

Westminster Group upbeat as pipeline of prospects grows

Westminster has seen a record number of passengers embark through the West African airport where it provides security

screenng machine
Aviation security revenues are picking up

Westminster Group PLC (LON:WSG) says the current year has started on a strong and profitable note with first-quarter orders and revenues ahead of budget.

“Based on our current order book, the improvement in our airport passenger numbers and our run rate business, including Keyguard and Euro Ops, we expect 2019 revenues to be significantly ahead of 2018,” said Peter Fowler chief executive.

Any further new major contract awards would materially improve the results, he added.

Westminster has seen a record number of passengers embark through the West African airport where it provides security in the past three months.

The security technology and guarding group will also get the benefit of a full year from recent acquisition Keyguard, which had revenues of £1.5mln prior to acquisition.

It has also delivered the last part of a US$4.5mln Middle East vehicle screening contract and in April was awarded a new US$3.4mln deal for two ports in Asia.

The group is also waiting for confirmation of a second airport contract in Africa, though its US$24mln airport security contract in Iran remains on hold due to the withdrawal of the US from the JCPOA accord.

Turnover in 2018 rose 24% to £6.7mln, while underlying losses were reduced to £378,00) from £1.2mln.

“Over the next few months and years we have an opportunity to achieve unprecedented growth from the prospects we are pursuing,” Fowler added.

Quick facts: Westminster Group PLC

Price: £0.10

Market: AIM
Market Cap: £14.14 m
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