TIDMWSG
RNS Number : 0127C
Westminster Group PLC
16 June 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN
ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR") WHICH
IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN
Westminster Group Plc
('Westminster', the 'Group' or the 'Company')
Further New Contract Award
10 Year Managed Services Contract - Freeport of Monrovia,
Liberia
Westminster Group Plc (AIM: WSG), a leading supplier of managed
services and technology-based security solutions worldwide, is
pleased to announce that it has been awarded a long-term managed
service contract to exclusively provide port screening services at
Monrovia Freeport (the "Port") in Liberia, West Africa.
Further to Liberia's accession to the World Trade Organization
(WTO) and as part of a broader in-country policy of boosting trade
and easing the export and import of goods, the Government of
Liberia undertook an international competitive tender process in
accordance with the provisions of the Liberian Public Procurement
and Concessions Commission Act for the purpose of selecting a
competent and experienced group to build capacity under a long-term
Build-Operate-Transfer ("BOT") arrangement by investing in and
upgrading various services at the Port.
Following a lengthy evaluation process, a contract was awarded
to a consortium led by Medtech Scientific Ltd. from the United Arab
Emirates, who in turn has entered into a contract with Westminster
(the "Contract") to provide port screening services for an initial
period of ten years, commencing 1 July 2021. The initial period may
be extended by agreement of the parties.
The Contract, based on Westminster's proven BOT managed services
model with revenues generated from all import containers passing
through the Port, whether screened or not, is expected to generate
around $1.1m in revenues in the first 12 months of operation. Under
the Contract, Westminster will provide the screening systems,
warehousing and infrastructure to undertake screening and intrusive
search of selected import containers, maintain and operate the
systems and provide comprehensive training services to customs and
other staff throughout the term of the agreement.
The entire deployment phase of the project is expected to be
completed within 18 months. Westminster will have a presence in
country from 1 July 2021 organising set up and logistics and will
begin manual inspections and screening services in September
2021.
Initial deployment expenses incurred pursuant to the Contract
will be satisfied from existing resources, however as the Company
noted yesterday, with a pipeline of multiple other potential
contracts, the Company continues to monitor funding requirements
and options to ensure it has adequate financing in place to deal
with the anticipated expansion of services.
Commenting on the contract award, Westminster CEO, Peter Fowler,
said:
"Following our announcement yesterday of a 20+ year
multi-million USD managed services contract for airport security, I
am delighted to be able to announce yet another long-term port
security managed services contract, particularly in West Africa
where we already have a strong presence, and I am equally pleased
this new contract opens up another new country for our
operations.
"I know the Liberian authorities are very keen on capacity
building, education and skills enhancement and I believe the
services we offer, not just our technical expertise but our
training and support services together with our community support
programmes via the Westminster Group Foundation, will greatly
benefit the country.
"This latest new contract win further demonstrates Westminster's
global reach and our ability to secure business in new territories
and is a testament to the hard work and dedication of our business
development teams around the world who have been working hard
through the challenging conditions and travel restrictions created
by the global pandemic. This particular contract is as a result of
more than two years activities.
"A key goal we had set for the Company in 2021 was to secure at
least one more large-scale managed services contract and so to have
now secured two such contracts in two days is most
encouraging."
For further information please contact:
Westminster Group Plc Media enquiries via Walbrook
PR
Rt. Hon. Sir Tony Baldry - Chairman
Peter Fowler - Chief Executive Officer
Mark Hughes - Chief Financial Officer
Strand Hanson Limited (Financial & Nominated
Adviser)
James Harris 020 7409 3494
Ritchie Balmer
Arden Partners plc (Broker)
Richard Johnson (Corporate)
Tim Dainton/Simon Johnson (Broking) 020 7614 5900
Walbrook (Investor Relations)
Tom Cooper 020 7933 8780
Paul Vann
Nick Rome Westminster@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.
Westminster's principal activity is the design, supply and
ongoing support of advanced technology security solutions,
encompassing a wide range of surveillance, detection (including
Fever 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 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.
The Westminster Group Foundation is part of the Group's
Corporate Social Responsibility activities.
www.wg-foundation.org
The Foundation's goal is to support the communities in which the
Group operates by working with local partners and other established
charities to provide goods or services for the relief of poverty
and the advancement of education and healthcare particularly in the
developing world.
The Westminster Group Foundation is a Charitable Incorporated
Organisation, CIO, registered with the Charities Commission number
1158653.
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