viewWestminster Group PLC

Westminster revenues rising as Tema contract ramps up


  • 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

Quick facts: Westminster Group PLC

Price: 5.25 GBX

Market: AIM
Market Cap: £8.37 m

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 flying in and out of the airport that is paid by the airlines.

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

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


How it's doing

A trading update in February reported that 2019 was another record year for revenues, with turnover rising 63% year on year to £10.9mln. 

The security group also said it expects to report 'greatly improved' underlying profits compared to 2018, even with set up costs for its port project in Ghana and ventures in Saudi Arabia, Bahrain and Tunisia. 

In Ghana, Westminster expects formal contracts at the Port of Tema to be signed this month, though it has been running the container screening and secondary search operations in partnership with Scanport since the port opened on 28 June 2019.

Revenues are shared between Scanport and Westminster based on container traffic volumes passing through the port. 

Westminster says its share of revenues during the soft opening and start-up phase of operations in 2019 was several hundred thousand US dollars. 

Trading for 2020 has started on a positive note, Westminster added.

Technical Services saw a higher than normal order intake in both December and January for a wide range of security equipment.

What the boss says, CEO Peter Fowler

“As a business, we are operationally geared in that we have relatively fixed operating costs and as our revenues continue to grow our profitability will grow proportionally faster.  In this respect, we believe we are now approaching an inflexion point,” the group added in its statement."


Inflexion points

  • Finalisation of terms for Tema contract
  • Award of a 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

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