Westminster says positive annual earnings 'achievable'

Writer, Stock Market Wire
Tuesday, January 29, 2019 - 09:55

Security services provider Westminster Group said reporting positive annual earnings remained 'achievable' after it boosted revenue by a third.

Revenue for the year through December was seen rising 33% to around £7.2m following a particularly strong second-half performance, the company said.

The increase excluded $2m (£1.6m) of expected revenues relating to a $4.5m vehicle screening contract in the Middle East, signed in March 2018.

The contact had been expected to be largely completed by the 31 December, for which cash had been received from the customer in advance. But it had also missed shipping deadlines, and, due to factory shutdowns, was now scheduled for shipment in February.

In Iran, a large-scale, long-term airport security contract signed in May had to be put on hold following the US unilateral withdrawal from the Iran nuclear accord.

'We continue to work closely with our Iranian client and are pleased to report that the majority of issues and challenges created by the US actions have now been addressed,' Westminster said.

'The European Union is hoping to have its special purpose vehicle, to assist with Iranian trade transactions, in place in the early part of the year.'

'Both parties remain committed to the project and despite the challenges continue to work towards commencing the project at the earliest opportunity.'

At 9:55am: (LON:WSG) Westminster Group PLC share price was -0.15p at 10.48p

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