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Westminster eyes bright future as world emerges from coronavirus

Last updated: 04:54 28 Mar 2024 EDT, First published: 08:20 30 Apr 2021 EDT

Snapshot

  • Westminster Group’s resilient results taken well by market
  • Westminster Group has "delivered a strong recovery"
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About the company

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.

How it is doing

28 Mar 2024

Westminster Group PLC (AIM:WSG), a provider of managed services and technology-based security solutions, demonstrated resilience and strategic progress in its managed services segment and international operations in today’s interim earnings release.

The AIM-listed group reported revenues of £2.9 million, a decrease from the previous year, primarily due to delayed orders influenced by the global economic downturn.

Despite these challenges, Westminster managed to achieve a gross margin of 57%, reflecting an improvement from the previous period thanks to strict cost management.

The continuing operating loss was £100,000 compared to a £200,000 profit in the comparable 2022 period.

13 Dec 2023

Westminster Group PLC (AIM:WSG) said it received US$500,000, representing around 12 months of contributions, in full and final settlement of its dispute with Scanport for its Ghana port operations.

In a statement, the security specialist said the figure is less than the carrying figure in its accounts, but the terms of the settlement are favourable and timely given the future targeted growth anticipated in early 2024 in its managed services business.

29 Sep 2023

Westminster Group PLC (AIM:WSG) said it was "well ahead" of budget in the first half of the year as its West African airport operations and training business both run at record levels.

Revenues of £3.5 million were reported by the technology-based security specialist for the first six months of 2023, which was lower than the £3.9 million a year earlier due to the termination of the Ghana port operation in February.

What management says

02 Jun 2023

Westminster Group PLC (AIM:WSG) chief executive Peter Fowler speaks to Thomas Warner from Proactive after releasing final results for calendar year 2022.

Fowler says that following a tough pandemic, Westminster Group "delivered a strong recovery" during 2022 and has continued to build on that momentum into this year.

He adds that "things are looking encouraging" in 2023 and provides more detail about the group's return to growth.

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