LONDON (Alliance News) - Westminster Group PLC said Tuesday a "particularly strong" second half will result in the security services firm revenue increasing by a third in 2018.
Westminster expects its revenue for the twelve months to December 31 to be about GBP7.2 million, a 33% increase on the GBP5.4 million reported in 2017.
The rise does not include the company's GBP1.6 million vehicle screening contract in the Middle East, signed in March of last year, which it expects to be "largely" completed by the end of the year.
Cash has been received from the customer in advance but missed shipping deadlines and factory shutdowns means the contract is scheduled to finish in February of this year.
Westminster said positive earnings before interest, tax, depreciation and amortisation are "still possible" despite the exclusion of the Middle East contract.
The company's trading in 2019 has started on a "strong note", with the Middle East contract expected to be booked in the first quarter and a further GBP176,000 of commissioning works. The company said January passenger numbers for its west Africa airport operations are at record levels.
Westminster also said its Managed Services and Technology divisions "continue to have a healthy and active enquiry bank and are delivering on expectations".
The company said the contract it signed to provide airport security in Iran in May remains a "key focus".
The contract was put on hold following US unilateral withdrawal from the Joint Comprehensive Plan of Action. Westminster said it continues to "work closely" with its Iranian client and said the "majority of issues and challenges" created by US actions have now been addressed.
The company said: "We are pleased with our 2018 results and most encouraged with the strong start to 2019 both in terms of our operations and in the progression of our various large-scale opportunities. Delivering on one or more of these opportunities will represent a major step forward towards achieving the group's strategic growth objectives."
Shares in Westminster were down 3.5% Tuesday at 10.25 pence each.