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LONDON (Alliance News) - Westminster Group PLC on Friday appointed a new chief financial officer, as it posted a narrowed loss for the first half of the year.
Shares in the security solutions supplier were trading down 9.6% at 10.40 pence each.
Westminster Group said Mark Hughes will join as CFO from November 1, replacing Martin Boden who will leave at the end of October to pursue new opportunities.
For the six months to June 30, the company posted a pretax loss of GBP1.2 million, compared to GBP1.4 million a year ago.
Revenue fell by 10% to GBP2.6 million from GBP2.9 million a year prior, "in line with expectations". However, the company said it generated GBP700,000 of unrecognised revenue, expected to show in the second half figures.
Revenue in the company's Managed Services arm came in at GBP1.7 million versus GBP1.8 million, and was impacted by the elections in Sierra Leone earlier this year, but "as expected, have picked up again from June onwards".
Technology division revenue was GBP900,000 versus GBP1 million. The company described it as "lumpy", stating that it "will be strongly ahead of last year in the second half" following delivery of a USD4.5 million Middle Eastern vehicle screening contract.
Chief Executive Officer Peter Fowler said: "Both our Managed Services and Technology businesses have performed in line with expectations and our financial results for the period show an improved performance compared to the first half of 2017."
