Westminster Group PLC - Banbury, Oxfordshire-based security systems provider - Says second half of 2020 "more challenging" than first half but says 2020 was "encouraging". Expects 2020 revenue about GBP10 million, down from GBP10.9 million in 2019, and expects a pretax loss broadly in line with market expectations. Pretax loss was GBP1.4 million in 2019.
"Our West African airport operations were completely closed for several months, reopening only at the end of July 2020 with significantly reduced traffic volumes, even lower than we experienced during the height of the Ebola crisis. However, we witnessed a steady and sustained improvement in passenger numbers towards the end of the 2020 year, which is encouraging for 2021," company explains.
Also notes training and guarding operations were "heavily impacted" in the second half and the spike in Covid related sales it saw in the first half "dwindled" as companies retrenched and reduced spending due to uncertainty.
Says 2021 revenue and pretax profit will meet market expectations and outlook is "positive".
Current stock price: 4.08 pence
Year-to-date change: down 1.7%
By Paul McGowan; paulmcgowan@alliancenews.com
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Westminster Group (WSG)