What it does
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
Westminster Group racked up its fourth consecutive year of double-digit percentage revenue growth in 2019.
Reporting numbers for the year ended December 31, 2019, Westminster said its revenues rose 63% to £10.9mln in 2019, up from £6.7mln in 2018, with a 46% increase in recurring revenues to £5.6mln, up from £3.8mln the year before.
The group said its Managed Services division saw revenues jump by 50% to £5.5mln, up from £3.7mln the previous year, while the Technology Division’s top line veered 80% northwards to £5.4mln from £3.0mln.
Revenues in the first quarter of 2020 were up 22% year-on-year at £4.5mln with the company making “a healthy profit” of several hundred thousand pounds in the quarter both before and after-tax as it begins to benefit from new contracts.
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."
- Contracts awarded for fever screening equipment
- Port of Tema continues to ramp up
- New managed services contracts signed