UPDATE: Westminster Group chair leaves amid "irretrievable breakdown"

Westminster Group PLC - Banbury, Oxfordshire-based security services - Chair Tony Baldry resigns immediately on Tuesday, blaming "an irretrievable breakdown in a relationship between myself and one of the company's larger investors", which he doesn't name. Simon Barrel resigns as non-executive director. Baldry had been chair for 10 years and Barrel a board member for 5. Chief Executive Officer Peter Fowler takes over as executive chair.

Also on Tuesday, Strand Hanson Ltd resigns as Westminster's nominated adviser and broker for its AIM listing. Westminster shares are suspended from trading due to the late publication of its half-year results to December 31 and its financial 2025 results to June 30, both expected in May. However, it now needs to appoint a new nomad by the end of April, or its AIM listing will be cancelled.

Westminster on Tuesday said it expects GBP8.2 million in revenue for financial 2025, up 35% on a like-for-like basis from financial 2024. An earnings before interest, tax, depreciation and amortisation loss of GBP620,000 is forecast by the company for financial 2025, improved from GBP1.5 million in financial 2024. Revenue for the half year to December 31 of GBP7.5 million is expected, double a year before, with an Ebitda profit of GBP1.5 million. Notes the half-year results will include some revenue from the Sierra Leone contract and the Gabon contract not yet collected. As a result, Westminster has experienced "temporary cash-flow pressures...which are being addressed, both through the use of short-term loans and longer-term investment." Reaches agreement with a strategic investor for a potential total investment of USD2.5 million, including an initial with USD1 million advance payment and a further USD1.5 million following approval at an extraordinary general meeting yet to be called.

By Tom Waite, Alliance News editor

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