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Westminster Group on front foot again after Tema port contract win

Snapshot

  • A security and managed services business
  • Based in Banbury, operates in fifty countries
  • Won a potential company-changing contract at Port of Tema
  • Aviation services, training and guarding are all growing
Airport

Quick facts: Westminster Group PLC

Price: 10.8 GBX

AIM:WSG
Market: AIM
Market Cap: £15.66 m
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What it does

Westminster Group PLC (LON:WSG) specialises in screening and security at container ports, airports, transport installations and buildings.

For example, the company has a long -term passenger baggage screening contract at an airport in West Africa.

Westminster receives a fee from all passengers using the airport that is paid by the airlines flying in and out.

Turkish Airlines was the latest airline to start to use the airport.

The Tema contract will a similar long-term recurring revenue award with Westminster receiving payment for each unit going through the port whether it is screened or not.

In its AGM statement, Westminster said the contract will have a material impact on its numbers going forward.

 

 

What the boss says, CEO Peter Fowler

"Passenger numbers for our West Africa airport operations for the first five months of 2019 are at record levels and both our Managed Services and Technology divisions continue to have a healthy and active enquiry bank.

"In April 2019, our Technology division announced the award of a USD $3.4million contract for the provision of advanced container screening solutions to two separate ports in an Asian country, which had been under negotiation for several months.

Having earlier this year delivered the remainder of the USD $4.5m vehicle screening contract in the Middle East, which the Company secured in 2018, this latest award for container screening in Asia is a testament to Westminster's expertise and global reach.

 

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Inflexion points

  • Finalisation of terms for Tema contract
  • Award of second airport security contract in Africa
  • Other screening contracts for vehicles, ports and airports
  • Full year contribution from KeyGuard acquisition
  • Keyguard specialises in guarding, mobile patrols and dog services at construction, renewable energy and transport sites
  • Contract for security at airport in Iran on hold

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Investor Update: Westminster Group reports 117% increase in first half revenues

Headlines from the Proactive UK newsroom. Westminster Group (LON:WSG) expects all contracts related to the container screening contract at the Port of Tema in Ghana to be completed in the coming weeks and the contract to contribute in the second half of the year. The security group says...

on 15/8/19

2 min read