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Westminster Group revenues jump by a quarter in latest half-year

Westminster said it has multiple revenue streams from diverse sources and regions worldwide

Westminster Group PLC -
Airport security is one of Westminster's activities

Westminster Group PLC (LON:WSG), the security and technology group, has said revenues jumped by around a quarter in its latest half-year in spite of the coronavirus (COVID-19) pandemic uncertainty.

The AIM-listed group said trading started the half-year on a positive note, which continued throughout the period even with the disruption from COVID-19.

Westminster noted that interim revenues rose by 24% to £7.0mln (2019: £5.6mln) with the company making both a pre- and post-tax profit. Cash as of June 30, 2020, was £1.6mln.

In a statement, Peter Fowler, Westminster's chief executive said: "We have achieved impressive double-digit percentage year on year revenue growth over the past few years and it is pleasing to report that, despite the impact of COVID-19 on parts of our business, this trend has continued during the first six months of 2020.”

Fowler added that Westminster had multiple revenue streams from diverse sources and regions worldwide, which was providing it with both opportunities and a degree of resilience during the pandemic.

Interim results are scheduled to be released on August 14, 2020.

Quick facts: Westminster Group PLC

Price: 9 GBX

AIM:WSG
Market: AIM
Market Cap: £14.44 m
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Westminster Group's Peter Fowler says good momentum has continued into 2020...

Peter Fowler, Westminster Group PLC’s (LON:WSG) chief executive, says the momentum seen in 2019 has continued into the first half of this financial year. Sales are up 24% on twelve months ago and the group has moved into profit, he told Proactive. Westminster has dealt very well with the...

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