The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Three putt,.... very true.
However, the following is the most positive message that we have heard from WSG regarding the delayed ratification of the contract in a long term... April starts next week,..... and the African summit, hosted in London, is on the 23/24th. Perhaps that isn't a co-incidence?
I'm sure Rushi would love to announce a new 10 years contract to help upgrade the DRC's top 5 airports as a demonstration of the UK's ties with the African Nations,...
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'Foremost amongst these is our project in the Democratic Republic of the Congo (DRC) for which I am delighted to announce that the long-awaited ratification process is currently being completed, being the final part of the formal procurement procedure for the now 10+ year contract signed in June 2021 for security services to 5 airports in the Democratic Republic of the Congo ('DRC'), Central Africa. Arrangements are now being made for a senior Westminster team to travel to the DRC with a UK Government Trade delegation in April to hopefully finalise matters and to prepare for commencement of the project. We expect to make a further announcement after that visit.'
https://www.lse.co.uk/rns/WSG/interim-results-xlz7z1q0rg4v4au.html
..... UK to host African Investment Summit in April 2024
The Prime Minister will host a UK-African Investment Summit in London on 23 to 24 April 2024.
https://www.gov.uk/government/news/uk-to-host-african-investment-summit-in-april-2024
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Good networking opportunities I would imagine.
Reece,... love the optimism.
PF really needs to deliver on two long term service contracts this year if he is going to build any real sustainable momentum in the share price..... if he can secure DRC in April that will be a good start.
It sounds as if the other training and security businesses are performing in line with or above budget which is also encouraging ....... as is the performance at Freetown Airport. The relationship with SUMMA appears to be positive,... and there is huge scope for the volume through the Airport to increase, given the new terminal, which has capacity of circa 1m passengers/annum as opposed to the old facilities of circa 200K/annum.
.... you beat me to it. I saw that too. Talk about bullish.
"Whilst the Company can choose to enact the sale of these shares at any time, it has not done so and there is no reason nor pressure to do so until the Company's share price has reached a target price of 26p. The Company believes that with imminent and expected new long-term contracts to be gained over the next 24 months the target price or higher can be achieved in due course at which time the shares can be sold for the benefit of the Company. "
Sadly Peter has 'form',... on the ... 'next year will be transformational'... front but he knows what is in the pipeline. One step at a time,.... they are off to DRC with a UK Government delegation with the intention ton sign off on the DRC contract,... this is non the next 4 to 5 weeks. I guess the proof will be in then pudding,.. or .. errr... the signing. Let's get that done and dusted and then maybe the SP will turn a corner and be on the up. Fingers crossed.
Agreed.
..and the roll out for compliance will be a slow burn, as venues and businesses will be given time to become compliant,... but it is clearly an opportunity for a new revenue stream,.. and their existing contracts with the Palace of Westminster,.. Tower of London,... will stand them in good stead ....---- the maintenance, monitoring and supply of equipment is likely to lead to on-going contracts and regardless of the quantum,..repeat business via service contracts is key to WSG growing the business over the medium term,... as we know the tech contracts can be lucrative,.. but are 'lumpy'... and difficult to predict.
Results for last year either tomorrow or Thursday.
Https://assets.publishing.service.gov.uk/media/65c0dcd3c4319100141a456e/05.02.24_Martyn_s_Law_Standard_Tier_Consultation_.pdf
This identifies the enhanced security provisions that will need to be addressed by venues and businesses which will be affected by the new Martyn's law legislation which is due to come in to force this year-- ( I believe the final public consultation period ended on March 18th)...
Opportunities for WSG:
Key provisions and recommendations
1. Mandatory security assessments
One of the central elements of Martyn's Law is the requirement for venue operators to conduct and regularly update security assessments. These assessments are designed to identify vulnerabilities and address them to minimise the risk of attacks. The Home Office has created a new online platform which provides guidance on the Protect Duty [HO Protect Duty].
2. Counter-terrorism training
Venue staff should receive proper training in identifying suspicious activity and responding to threats. This includes recognising potential indicators of terrorist planning or radicalisation. This is already a requirement for those licensed under the Security Industry Authority.
3. Bag searches and metal detectors
These two practical examples of security measures are what enhanced duty premises will be expected to undertake as part of achieving what is reasonably practicable when tackling the reduction in risk of acts of terrorism occurring at a premises, or reducing the level of harm if a terrorist attack does occur. These physical security measures can deter potential attackers and provide an added layer of protection.
Seems rather crass to mention this now,..... but the terrorist attack in Moscow,.. is an example of why this will/is an important piece of legislation,.. and legislation that will surely lead to a new revenue stream for WQSG.
"The Martyn's Law (Protect Duty) legislation, which will set out standards to protect patrons and the general public from terrorist attacks when in crowded spaces, was expected to come into force within the UK during 2023, but due to parliamentary procedures, is now expected to be in the King's Speech to parliament on 7 November 2023, for implementation in 2024. The Home Office estimates that 650,000 UK businesses could be affected. This could include settings such as pubs, shopping centres, music venues, parks, places of worship and any other place where large gatherings of people occur. With Westminster's expertise and portfolio of products and services we are well placed to assist businesses and organisations improve their security. In this respect, we have already secured a number of important contracts ahead of the legislation coming into force and are in contract discussions with a number of other potential customers. We believe this could be a sizeable business opportunity for the Group. For more information on Protect Duty, see here: https://www.wg-plc.com/protect-duty#"
"Sierra Leonean President Julius Maada Bio has opened an historic new terminal building at Freetown international airport, the latest milestone in a development plan positioning the pivotal West African state as an aviation hub.
The 14,000 m² terminal building, elegantly designed with a flowing wavelike roof, is three times the size of the airport’s existing terminal and will be able to handle up to 90,000 passengers per month, five times the current capacity, and eight widebody jets simultaneously."
https://www.aircargoweek.com/sierra-leone-president-opens-new-terminal-at-freetown-airport/
https://airport-world.com/freetowns-new-terminal-makes-history-in-sierra-leone/
Win,... agree.
The SL airport figures were apparently trading at record volumes,.. and December/Jan were, traditionally, strong months for volume... - if trend has continued that might interesting...--- not long to go now in any case.
To remind everybody, its' been a bit quiet here of late,... here are the,....... errrrrrrr... highlights (!!!) as described by the company in their half year report to June 2023.
· Delivered products and services to 35 countries around the world.
· West African airport operations operating at record levels.
· Training business operating at record levels.
· Guarding business expanded, including providing new services for the Historic Royal Palaces.
· Progress continues to be made with DRC and other Managed Services opportunities.
· Group revenues £3.5 million (H1 2022: £3.9 million).
· Gross profit increased to £2.24m (margin: 64%) (H1 2022: £1.98m (margin: 51%)).
· Administrative expenses are down to £2.52 million (H1 2022: £2.76 million).
· EBITDA improves to loss of £98k (H1 2022: Loss £648k).
· Operating Loss reduced to £274k (H1 2022: Loss £782k).
· Loss per share of 0.09p (H1 2022: Loss 0.24p).
https://www.lse.co.uk/rns/WSG/half-year-report-ykwhl0y64ponxvq.html
Foxy,... do you not agree with the company as to record numbers?.... Man up. Woman up?
If you have figures that differ to the companies, in terms of traffic.... would be interesting to hear Else do we assume you gave a desk next to Big ears and the like who clearly have issues reading.
Not sure why you are so pessimistic about Lunghi, there have been record figures moving in to 2023 as confirmed in the Annual Financial Statement?
"Our West African airport operations, which, like aviation across the world, had been severely impacted by lockdowns and travel restrictions during the Covid pandemic of the previous years, experienced a strong recovery from around 84% of pre-pandemic passenger numbers at the start of the year to achieving record monthly numbers by the end of the year and this trend has continued into 2023 which augers well for the future."
Scheduled to become law Dec 23/Jan 24.
Over 900k buildings/properties/arena to become compliant.. and fall under regs,... estimated spend in year one to become compliant ranges from £85M to £700M..... low/high scenario.
Clearly a potentially large site inspection and training opportunity, in addition to security upgrading hardware and barrier/blast protection works.
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1154338/2023-04-25_Martyn_s_Law_Impact_Assessment.pdf
https://www.wg-plc.com/news/figen-murray-obe-martyns-law-amended-protect-duty
https://www.wg-plc.com/news/westminster-group-introduce-new-product-partner-afss-ltd
.. PF says over £21+M possible this year on their low expectations... made top as follows:
From £7.1… 2021
Plus £2.5M product sales.. ( PF's low end)
Plus £3.5M new solutions sales ..( PF's low end)
Plus £5.5N new services sales...( PF's ow end)
Plus £ 3.5M existing services..( PF's low end)
Additional revenue..... as outlined by PF and the FD..... £15M in 2022—— so combined with 20201 revenue of circa £7M .....£22M+ min this year. Given it is May already and less than 7months,... this is going to be an amazing few months,... or, if they fail to hit it,.... it will be an extraordinarily miss-leading statement and one which should lead to a resignation by both parties to it.
..and WSG acquire the Flying PIG contract..... RNS to follow,.....