TIDMWSG
RNS Number : 4190S
Westminster Group PLC
21 December 2016
Westminster Group Plc:
Trading Statement
Westminster Group Plc ("Westminster", the "Company" or the
"Group"), the AIM listed supplier of managed services and
technology based security solutions to governments and government
agencies, non-governmental organisations (NGO's) and blue chip
commercial organisations worldwide, is pleased to provide a trading
update on its business activities for the year ending 31 December
2016.
The Group expects to report an improved financial performance
both at the revenue and adjusted EBITDA levels for the current year
compared to the year ended 31 December 2015. The cash position has
been strengthened by the fundraising announced on 22 November 2016
which provides the Group with funding to support working capital
requirements around current business development costs, certain
anticipated initial post contract spend on the large Middle East
opportunity as well as for general corporate purposes. This
fundraising was structured with the aim of limiting potential
shareholder dilution.
In September 2016, the Group provided its interim results and an
update on its business activities. The momentum shown in H1 has
continued and during H2 considerable progress has been made on a
number of fronts.
Managed Services sales prospects continue to progress. In
September, the Group provided an update on its various airport
opportunities under previously announced MoU's, all of which remain
live and are being progressed. Foremost amongst these is the major
long term, Middle Eastern airport contract opportunity which is
expected to have annual revenues in excess of GBP35m. Negotiations
and contract preparations are making good progress. The Group has
been actively working to prepare the required support structures
and infrastructure in order to be able to deliver the project.
Dialogue with the UK governmental export departments and the
relevant national government continues at a high level.
In recent weeks additional business development initiatives have
begun to gain traction and deliver value.
Over the last few months the Company has won a number of UK
based maintenance contracts for x-ray screening equipment provided
by a major supplier to Westminster. The additional annual recurring
sales value is over GBP100,000; this is expected to increase as
further contracts are secured. Customers include UK airport service
providers and governmental bodies and enquiry levels are
increasing. These maintenance contracts bolster Westminster's
growing recurring revenue base and are being delivered by the
Company's existing team of trained and qualified engineers.
In addition, Westminster has recently secured a number of
security and training contracts in airports around the world and
Westminster's growing reputation as a subject matter expert in
airport security will aid awareness of its managed services airport
security operations with potential customers.
Westminster continues to enjoy significant high level
governmental support for its various project opportunities around
the world and has recently received direct introductions in respect
of a number of potential aviation security opportunities in the
Middle East.
Sovereign Ferries has commenced initial operations in Sierra
Leone. The service has been well received by passengers and the
company has been approached by various bodies to provide specific
ferry transport services in addition to the scope of ferry services
under the initial contract, and we would expect it to contribute
positive cash flows during 2017 and beyond. Major capital
expenditure on this project is now complete.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For further information, please contact:
Westminster Group plc. Tel: 01295 756 300
Peter Fowler (Chief Executive)
Ian Selby (Chief Financial Officer)
S. P. Angel Corporate Finance LLP (NOMAD & Broker) Tel: 020 3470 0470
Stuart Gledhill/Lindsay Mair
Walbrook PR (Financial PR) Tel: 020 7933 8780
Tom Cooper/Paul Vann 0797 122 1972
tom.cooper@walbrookpr.com
Notes:
Westminster Group plc is a specialist security and services
group operating worldwide via an extensive international network of
agents and offices in over 50 countries.
During 2016 the Group has been active around the world and by
way of example has supplied various products and services to
clients as far afield as the Afghanistan, Aruba, Australia,
Azerbaijan, Bahamas, Bulgaria, Canada, China, Croatia, Dubai,
Egypt, Gambia, Germany, Greece, Hong Kong, India, Indonesia, Iraq,
Italy, Jamaica, Jordan, Kenya, Korea, Kosovo, Malaysia,
Netherlands, Nigeria, Portugal, Qatar, Romania, Rwanda, Saudi
Arabia, Senegal, Singapore, Somalia, South Africa, Tanzania,
Thailand, Tunisia, Turkey, UAE, UK, USA and Vietnam
Westminster's principal activity is the design, supply and
ongoing support of advanced technology security solutions,
encompassing a wide range of surveillance, detection, tracking and
interception technologies and the provision of long term managed
services contracts such as the management and running of complete
security services and solutions in airports, ports and other such
facilities together with the provision of ferry services, manpower,
consultancy and training services. The majority of its customer
base, by value, comprises governments and government agencies,
non-governmental organisations (NGO's) and blue chip commercial
organisations. For further information please visit
www.wsg-corporate.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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