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The news càme through this am from Companies House.
Where did you read that please
Have just moved on their accountant. Good sign???? or not????
bag of ****e!
Back down we go😂
Btw fowler had planned to privatise the customs agents of RVA
Milvest plan to expand RVA with training in capacity building- are these plans compatible?
The Turkish company milvest submitted a 1.2 bn usd bid to modernise Ndjili on 10th nov 2023
How does this fit in with fowler’s plans?
The Turkish company are already established in DRC delivering on a large financial centre- they promise not to appropriate airport fees/go-pass
https://eng.fatshimetrie.org/2023/11/12/ndjili-international-airport-in-the-drc-a-modernization-project-without-job-cuts-confirms-the-milvest-group/
The kicking the can down the road for another 6 months is a huge red flag, and should be for any potential investor imo.
All good points imo ears
What makes you think that?
I trade this regularly and will continue to do so. It is after all an AIM POS classic pump and dump company now
I hear you 3P./ Misty ....its guesswork on my part , however I look at it through the eyes of the Summa bean counter !
They will have streamlined the running of the operation to maximise profits so why would they be paying WSG millions of pounds per year for scanning passengers ?
I may be wrong but I believe SL has morphed in to a glorified manpower contract.
What is abundantly clear is that Fowler doesn't want the auditors anywhere near his 2023 numbers !
Shame you missed the price doubling last year eh musty!
Been correct about the share price from 42p to 1.5p. Shows how much you know pumpy
Just for balance, you lot have been forecasting the demise of WSG for the last five years. Just goes to show how little you know!
I agree 3p. All very odd. As is the remarkable resilience of the SP. Up on thin air but holding firm here despite the sells.
Interesting numbers on SL Big, I tend to agree with your last statement " Westminster Security Group will not exist by the end of 2024", however some doubts about the numbers, surely if:
"WSG trousered £3.7M YE 2022" = at presumably around $39/pax
and
"I’d be surprised if WSG are bagging much more than £4.00 pr dep pax" (on the current deal)
surely they would have run out of cash/overdraft by now as they have nowt else to prop up the balance sheet ?
Weird how there wasn’t a peep out of Fowler for the “ Multi 🤥Million $ contract signing “ ceremony with Summa in April 2023 ………..( The VIP’s & dignitaries that Fowler craves must have been a little busy that day 🤭) ……..….. why he hasn’t trumpeted this fantastic news is a mystery ………. If I were him Id be peppering the market with some magnificent cash flow & profit projections off the back of the increased airport capacity and anticipated footfall 🤷♂️
https://thecalabashnewspaper.com/summa-group-signs-contract-with-westminster-for-security-services/
Though more importantly, and in the interest of balance , news that did make the cut that month was a noteworthy mention that Westminster are at the forefront of the fight to prevent mobile phones being smuggled in to exam halls ………..Ryan Mounsey, Business Development Manager at Westminster Group, said:
“It has become the norm for young people to have a mobile phone and so the risk of using these as aids in exams grows – with potentially more imaginative ways for them to be covertly brought into examinations” 😳Shocking !!
https://www.wsg-corporate.com/news/westminster-provide-cost-effective-solutions-for-mobile-phone-detection-this-school-exam-season/
Where Fowler is concerned the real news is never what he tells you , it what he doesn’t tell you …..🤥
Well show me the official docs on your view
And on the subject of the Tema settlement ;
YE 2022 Tema 958k crates at £1.30 = £1.25M.
The group achieved a 54% margin
They ceased operations in February 2022 , let’s assume it was the end of the month which meant their contract had 16 months remaining.
958k crates / 12 = 79833 x 16 months remaining = circa 1.3M crates @ £1.30 = £1.69M @ 54% margin = £912k settlement
I am no Lawyer, but are they not entitled to the profit of those operations? Somehow it dwindled its way down to £400k.
AIMHO 😐
It’s a fair assessment in the absence of a meaningful and transparent update from the management, and I’m always happy to be proven wrong 🫤
Those contracts you mention are manpower contracts , they get paid circa £16.50 per hour for their Labour, and Keyguard has never made a profit under WSG .
The company is a basket case IMO , not only did they not land a single RNS worthy contract in 2023, they lost a £1.25M RR contract (had their trousers pulled down with the settlement) and had a £3.7M RR contract watered down to such an extent Fowler can’t bring himself to provide a forecast of future revenues.
Those two contracts are the sole reason they have extended the financial year out to 18 months , a huge red flag , they are buying as much time as possible to try and plug the enormous gap that SL & Tema have left on the balance sheet.
Its all Hypothetical what your actually say it is what you think. You have to remember that Westminster is in other parts of the the world. A large contract in a major Airport in England for one. The security at the Palaces and Parliament. They could close Africa down and shrink the company back and maintain a profit. They do not have to remain any where at a loss. So they keep going because they think the risk is worth it.
Very interesting assessment ears
I stumbled over a mildly interesting contract document relating to the workforce transfer from old to new airports at SL.
The document outlines a list of staff categories which were to be tuped over to the new airport / employer. The list showed 576 employees ( quite what they all do is a mystery ) with a total annual wage bill of circa £950k ( say £1m) = avg annual wage of circa £1736.00 per head.
Westminster employees wouldn’t have been listed as they are external contractors.
YE 2022 WSG employed 256 people in total , lets assume 100 were employed in SL- 100 x £1736 ave wage = £173k say £200k ) .
WSG trousered £3.7M YE 2022.
Say £200k per annum on consumables / expenses so circa £3.3M to the good , an astonishing return by any measure, and somewhat telling as to why they have never managed to pick up another comparable contract ( other African countries seem to be able to count ) .
However the real story imo is that the contract in its “old” form has been the cash cow propping this dog up for years and it’s now all but gone !
Summa know what it costs to employ a man / woman to operate a scanning machine in Sierra Leone , they know how many scanners they own and how many heads required to make that operation function, when they would have arrived at that number a margin would have been “agreed” with WSG and off you pop .
Based on staffing numbers of comparable airports and the security staffing requirements for such a tiny airport I’d be surprised if WSG are bagging much more than £4.00 pr dep pax………I see no justification for anything more than that number unless Summa are in the business of giving away free cash.
So given the 2023 double whammy of being booted off one RR contract and their remaining contract with drastically diminished revenues its no surprise they have extended the accounting period.
My suspicion is if the Auditors were presented with 2023 numbers there would be a conversation to be had in respect of the company as a “ Going Concern”……….. Westminster Security Group will not exist by the end of 2024 ………..AIMHO 🥴
Great answer .
Nothing better to do for me reece
3 percent down on hardly what even I own ,come on guys have you nothing better to do than watch Wsg all day when you don’t even have any .