Westminster Group PLC (LON:WSG), a leading supplier of managed services and technology-based security solutions worldwide, has provided another update on the current effects of coronavirus on its business.
The company said that whilst it's West African airport operations have been seeing record passenger number over the past few months, the announcements this week that governments in many parts of the world are restricting and cancelling flights in response to the coronavirus (COVID-19) pandemic, will have an inevitable impact on revenues from this part of our operations.
READ: Westminster Group receiving unprecedented levels of interest in its fever screening services
It added: “We are fortunate however that our business model is built on having multiple revenue streams from multiple operations and our airport managed services operations are just one element of our overall revenue profile.”
On 16 March 2020, the group announced that its sales of fever detection and associated equipment in the last few weeks had generated sales of approximately $720,000 and it said that in the last 48 hours this is now approaching $1mln.
In addition, the company added, other areas of its business, including the port operations in Ghana, continue to deliver healthy revenues which are so far unaffected by the COVID-19 crisis and are trading in line with expectations.
Westminster Group concluded: “We believe therefore that our business model puts us in a stronger position than many companies being affected by this crisis and we expect our increase in product sales due to the COVID-19 crisis to offset any potential reduction in revenues from our aviation security business.”