Member Info for Bigears1170

I hear you 3P./ Misty ....its guesswork on my part , however I look at it through the eyes of the Summa bean counter !

They will have streamlined the running of the operation to maximise profits so why would they be paying WSG millions of pounds per year for scanning passengers ?

I may be wrong but I believe SL has morphed in to a glorified manpower contract.

What is abundantly clear is that Fowler doesn't want the auditors anywhere near his 2023 numbers !

Weird how there wasn’t a peep out of Fowler for the “ Multi 🤥Million $ contract signing “ ceremony with Summa in April 2023 ………..( The VIP’s & dignitaries that Fowler craves must have been a little busy that day 🤭) ……..….. why he hasn’t trumpeted this fantastic news is a mystery ………. If I were him Id be peppering the market with some magnificent cash flow & profit projections off the back of the increased airport capacity and anticipated footfall 🤷‍♂️

https://thecalabashnewspaper.com/summa-group-signs-contract-with-westminster-for-security-services/

Though more importantly, and in the interest of balance , news that did make the cut that month was a noteworthy mention that Westminster are at the forefront of the fight to prevent mobile phones being smuggled in to exam halls ………..Ryan Mounsey, Business Development Manager at Westminster Group, said:

“It has become the norm for young people to have a mobile phone and so the risk of using these as aids in exams grows – with potentially more imaginative ways for them to be covertly brought into examinations” 😳Shocking !!

https://www.wsg-corporate.com/news/westminster-provide-cost-effective-solutions-for-mobile-phone-detection-this-school-exam-season/

Where Fowler is concerned the real news is never what he tells you , it what he doesn’t tell you …..🤥

And on the subject of the Tema settlement ;

YE 2022 Tema 958k crates at £1.30 = £1.25M.

The group achieved a 54% margin

They ceased operations in February 2022 , let’s assume it was the end of the month which meant their contract had 16 months remaining.

958k crates / 12 = 79833 x 16 months remaining = circa 1.3M crates @ £1.30 = £1.69M @ 54% margin = £912k settlement

I am no Lawyer, but are they not entitled to the profit of those operations? Somehow it dwindled its way down to £400k.

AIMHO 😐

It’s a fair assessment in the absence of a meaningful and transparent update from the management, and I’m always happy to be proven wrong 🫤

Those contracts you mention are manpower contracts , they get paid circa £16.50 per hour for their Labour, and Keyguard has never made a profit under WSG .

The company is a basket case IMO , not only did they not land a single RNS worthy contract in 2023, they lost a £1.25M RR contract (had their trousers pulled down with the settlement) and had a £3.7M RR contract watered down to such an extent Fowler can’t bring himself to provide a forecast of future revenues.

Those two contracts are the sole reason they have extended the financial year out to 18 months , a huge red flag , they are buying as much time as possible to try and plug the enormous gap that SL & Tema have left on the balance sheet.

I stumbled over a mildly interesting contract document relating to the workforce transfer from old to new airports at SL.

The document outlines a list of staff categories which were to be tuped over to the new airport / employer. The list showed 576 employees ( quite what they all do is a mystery ) with a total annual wage bill of circa £950k ( say £1m) = avg annual wage of circa £1736.00 per head.

Westminster employees wouldn’t have been listed as they are external contractors.

YE 2022 WSG employed 256 people in total , lets assume 100 were employed in SL- 100 x £1736 ave wage = £173k say £200k ) .

WSG trousered £3.7M YE 2022.

Say £200k per annum on consumables / expenses so circa £3.3M to the good , an astonishing return by any measure, and somewhat telling as to why they have never managed to pick up another comparable contract ( other African countries seem to be able to count ) .

However the real story imo is that the contract in its “old” form has been the cash cow propping this dog up for years and it’s now all but gone !

Summa know what it costs to employ a man / woman to operate a scanning machine in Sierra Leone , they know how many scanners they own and how many heads required to make that operation function, when they would have arrived at that number a margin would have been “agreed” with WSG and off you pop .

Based on staffing numbers of comparable airports and the security staffing requirements for such a tiny airport I’d be surprised if WSG are bagging much more than £4.00 pr dep pax………I see no justification for anything more than that number unless Summa are in the business of giving away free cash.

So given the 2023 double whammy of being booted off one RR contract and their remaining contract with drastically diminished revenues its no surprise they have extended the accounting period.

My suspicion is if the Auditors were presented with 2023 numbers there would be a conversation to be had in respect of the company as a “ Going Concern”……….. Westminster Security Group will not exist by the end of 2024 ………..AIMHO 🥴

Westminster are one to watch for all the wrong reasons - a hot contender for DOG of the year 2023 . I don't believe they will still be trading come the end of 2024 .....AIMHO

Accordingly, the Board have set its key goals for 2021 as:

 

1.   Improve ratio of enquiries received/quotations issued by number and quotations issued/orders received by value;

2.   Increase product portfolio and sales achieved;

3.   Secure at least one more long-term managed services contract;

4.   Deliver a year of double-digit revenue growth;

5.   Deliver another year of significant recurring revenue growth;

6.   Deliver a material improvement in profitability;

7.   Deliver a sustained and material improvement in our share price; and

8.   Instigate an Investors in People programme.

The challenges of the last two years have impacted our performance against our stated goals and accordingly, the Board has reset its key goals for 2022 as:

 

1.     Improve ratio of enquiries received/quotations issued by number and quotations issued/orders received by value;

2.     Increase product portfolio and sales achieved;

3.     Increase sales in the UK and other first world countries;

4.     Secure at least one more long-term managed services contract;

5.     Deliver another year of significant recurring revenue growth;

6.     Deliver a material improvement in revenue and a move to profitability;

7.     Deliver a sustained and material improvement in our share price;

8.     Develop a more formal and structured Environment, Social, and Governance (ESG) strategy;

9.     Instigate an Investors in People programme; and

10.  Deliver on Market Expectations.

The challenges of the last few years have impacted our performance against our stated goals and accordingly, the Board has reset its key goals for 2023 as:

 

1.   Improve ratio of enquiries received/quotations issued by number and quotations issued/orders received by value;

2.   Increase product portfolio and sales achieved;

3.   Increase our global footprint with new offices, agents, and strategic alliances;

4.   Increase sales in the UK and other first world countries;

5.   Secure at least one more long-term managed services contract;

6.   Deliver another year of significant recurring revenue growth;

7.   Deliver a material improvement in revenue and a move to profitability;

8.   Deliver a sustained and material improvement in our share price;

9.   Develop a more formal and structured Environment, Social, and Governance (ESG) strategy;

10.  Instigate an Investors in People programme.

Who’s frothing….?

Just calling this POS out for what it is ——a complete dog 🐕 of a company 🥴

Obfuscating the state of the companies finances is a new low , the clock is now ticking as Fowler has given himself six months to come up with a meaningful contract— he’s already scraping the barrel by being prepared work in the DRC ,IMO between now and June he will pick up ANY pig of a deal that he can put some lipstick on …….PI’s have been given fair warning from the horses mouth ………..

Is there ANY can this pile of shat management haven’t kicked down the road ✊💦

I wouldn’t trust him to send to the shop , 23 years stealing a living , legalised theft ✊💦

Absolute mutt 🐶 of a stock , the dog of all dogs 🥴

“It’s just getting started”

Fowler & his family have spent 13 years & the bones of £50M to create a company with £3m mcap which had just £56k in the bank at HY results 👏 ……..the man is a disaster………🫤

🤡

AIM needs a clean out of shat companies like this pile of manure , Directors getting handsomely paid for abject failure ….the only people benefiting are those lazy ar$3$ down in Banbury ✊💦

A parting of the waves 15 months early suggests ( to me ) Scanport think they can short change / shaft Fowler , else why not let WSG run the term 🤷‍♂️

Interested to see how the terminated “ Technical Partnership agreement” translates in to cash by year end …….my guess any settlement will be “ 🤥confidential🤥“ 🤐

So sizeable the order was RNS unworthy 😐