Westminster Group said revenues are likely to be around a third below market expectations with a loss before tax equivalent to approximately half that reported in 2021, largely due to a multi-million-pound technology project for the MENA region which is still expected to be secured this year but any revenues will now likely to fall into 2023.
Westminster stated that progress has been made regarding the contract for five airports in the DRC and this is still expected to be ratified this year.
Elsewhere, Westminster said high points for the year were the recovery of traffic at its West African airport contract to pre-pandemic levels with the highest revenue levels since it was awarded in 2012.
A new terminal is also to open next year.
In the UK, two contracts have been won ahead of the Product Duty legislation and Westminster successfully provided services for Her Majesty the Queen's funeral, for which it has been on standby for several years. Guarding and training are performing well but given the current global economic situation are not expected to see substantial growth in 2023.
In Ghana, Westminster said it is likely to enter mediation with partner Scanport and the port contract at Tema might be terminated early in 2023 receiving accelerated receipt in recompense accordingly and freeing up resources for the new and larger managed services projects they expect to have in place by 2023, mitigating any impact on 2023
Assuming no further new large-scale projects are signed, there are sufficient cash resources available to the group to undertake current operations at least the end of 2023, it added.
“In anticipation of new large-scale projects that would require financing, we have held discussions with a number of funding sources and have various non-dilutive options we can pursue including potential support from UK Export Finance.”