Company
LON:WSG
Westminster Group PLC is a British based highly experienced and internationally acclaimed fire, safety, security and defence group operating worldwide through an extensive network of over 100 agents and international offices in over 50 countries. The group’s customer base comprises, predominately: governments and government agencies, non-governmental organisations and blue chip commercial organisations. Westminster Group has extensive experience gained over many years in the design, supply, installation and commissioning of a wide range of security and defence solutions including a wide range of anti-terrorism equipment & systems, border security systems and homeland security solutions.
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Recent contract wins mean that 2022 should be a strong year for the group, irrespective of how quickly the global economy recovers from the pandemic
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"I am delighted our services division has been awarded this important new contract to protect what is one of England's most prestigious buildings," said Westminster CEO, Peter Fowler
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"Some of our delayed projects may once again begin to move forward"
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"I am encouraged by signs travel restrictions may, at last, be beginning to ease in a number of regions"
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The contract will see the company provide screening services at the Monrovia Freeport for an initial period of 10 years
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Even with pandemic-affected levels of travel, the new contract is expected to generate US$6mln of revenues in the first 12 months
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Charles Cattaneo will also be stepping down as a non-executive director following the AGM
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The supplier of managed services and technology-based security solutions also said it started 2021 debt-free and had made an “encouraging start to the year” despite the ongoing pandemic
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During the pandemic the firm started providing fever screening systems and face masks vending machines
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The managed services supplier was given the prestigious accolade at the Prime Minister’s recommendation
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“For 2020, due to Covid-19 delays and revenue slippage into 2021 we expect to report revenues of around £10m (2019: £10.9m)"
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The company said the repayment of its debts will strengthen its balance sheet and also result in an annual saving of around £0.3mln in interest and fees
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Guarding and associated services is just one facet of Westminster's worldwide security and safety business
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The placing was conducted at a price of 4p per share and comprised 125,000,000 new ordinary shares, representing approximately 44% of the group's enlarged share capital
The report, published by the LSE, recognises the UK’s fastest-growing and most dynamic small and medium sized businesses
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Westminster said it had promised earlier in the year to provide a mass sanitisation tunnel for the airport
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The project includes the removal of existing systems and the installation of new advanced X-Ray screening at the Palace of Westminster
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"We see that offering both traditional classroom courses and online training as a strategic response to the recent COVID-19 restrictions gives us an opportunity for substantial revenue growth in our training activities"
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In the first half of 2020, Westminster was operationally cash positive and delivered EBITDA of £893,000 and a profit before tax of £236,000
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While Freetown Airport Lungi was closed, the group continued to maintain the security of the airport
