Westminster Group PLC - London-based provider of security services for sensitive places such as ports, airports and commercial buildings - Says it expects revenue to be around a third lower than market expectations for 2022 and loss before tax to be around half that of 2021.
In 2021, Westminster's pretax loss was GBP1.9 million and revenue amounted to GBP7.1 million. This is mostly due to "slippage" from a "multi-million pound" technology project for the Middle East & North Africa region.
"Whilst we still expect to be awarded the contract this year, we are now running short on time to deliver and recognise revenue in 2022, and accordingly, depending on when the order arrives, some of this revenue is now likely to slip into 2023," Westminster says.
In August, Westminster said revenue rose 13% to GBP3.9 million for the six months ended on June 30 from GBP3.5 million a year earlier. Pretax loss amounted to GBP787,000 during the period, narrowed from GBP929,000 a year earlier.
Current stock price: 1.43 pence, down 25% on Tuesday morning in London
12-month change: down 71%
By Xindi Wei; xindiwei@alliancenews.com
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Westminster Group (WSG)