‘Update’ that wasn’t.27 Dec 2018 08:37
The large scale, long term security contract for one of 60 airports in Iran, which was signed in May 2018, but which had to be put on hold following the US unilateral withdrawal from the Joint Comprehensive Plan of Action (JCPOA), remains a key focus for the Company. (Blah, blah. Yes, we get that. Repetition and stating the bleeding obvious.) We continue to work closely with our Iranian client and are pleased to report that the majority of issues and challenges created by the US actions have now been addressed.
(“Majority” is immeasurable and indistinguishable really from those previously stated ‘Key Issues’. It’s what’s outstanding that counts - not what’s resolved - though we’ve not much idea on that either - does this actually represent progress?)
The European Union is hoping to have its Special Purpose Vehicle (SPV), to assist with Iranian trade transactions, in place early in the new year.
(And why is this relevant, based on previous output? - I agree with Crystal, see under.)
Both parties remain committed to the project (well yes, else you’d have been obliged to advise the market without delay) and despite the challenges (unspecified naturally) continue to work towards commencing the project at the earliest opportunity (we have no idea on timescales and it’ll be subject to resolving the unspecified outstanding issues not set out above - so meaningless. .
In our Interim Report in September we announced that we continued to work towards signing at least one further long-term Managed Services contract this year although, as always, there is never certainty as to timing or outcome in these matters. In this respect our Chairman, Sir Tony Baldry, and CEO Peter Fowler, have recently returned from Africa having progressed discussions on one of (but not necessarily the same anticipated MoU) our long-term airport security project opportunities. Contracts have been drafted (just at draft stage, so probably not - can it have taken 16 more months to get to draft contract since offering the market that expectation - where was this when they made that prediction - not even draft contract presumably?) and we anticipate providing a further update in the new year. (Which is twelve months long and gives us another whole year before we’ve let investors down again. No mention of the other MoU inferred by “at least”. You’d hope that with so many MoU’s at various stages - that they’d return from “progressing” chats, routinely.
Technology Division
In March 2018 we announced a $4.5m USD contract award to provide several advanced vehicle screening solutions to a high security facility within the Middle East, which we expected to be largely completed by the year end. We are pleased to announce this remains the case with just $224k of commissioning works outstanding at year end, which will be undertaken in the new year.
(Contrary to my last comment on this - this contract is the only highlight for year and should distort year end numbers pos
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