Member Info for MikeGP

Bigears

Happy to agree to disagree.,... and I am sure we are boring everyone with the same old same old. So'll I'll go through the things you raised and then let it go. Not long to we have the update.

1 I agree with the 900K containers through TEMA as per the GPHA. BIT, that is for the whole of the port,.. not just our new terminal. That is th point I was making; It 's the loss of the majority of the container traffic that has led to a lot of teh friction on the ground with the unions,.. and the other scanning company awhich has resoled in the recent agreement , whereby MPA have upped their handling fees,.. but had to conceded some volume 'back' to the old port. So out of the 900k,. TEU's the WHOLE port handles,... I would suggest that circa 80% (?) would have migrated to us. Hence a full blown quota with no slow start up would have been 720K TEus---- as I said I used conservative figures for the soft launch, -- based in part by the known ship movements in and out of the Port which I recorded every day-- my GUESStimates, for the six months to end 2019:
1 20000
2 25000
3 35000
4 45000
5 55000
6 65000
245000 or 40833 TEU's month/2019

Apply the 59% increase as at the start of 2020

59.00%
24092
64925 TEU's month 2020
194775 Teus' Jan march 2020-- @ £7 crate = 1.36M ..pretty much estimate for the TEMA revenue in Q1.
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Hope that helps.

I think it is risky to apply a 55% margin. That margin was for 2018 as you rightly say and for all operations across teh company. We don't know what margin has been agreed here, or how much we are sharing with scanport,.... hence we are all so keen to see the figures in teh Finals and the Update,.. and why the delay this week was so frustrating.

I never mentioned or implied any delays,.. let all alone 'extensive' delays--- I have merely stated that I believe the soft start up meant exactly that. It took a while to ramp up to full service capability. You also have no allowance for some disubance to usual operations during any period of the construction works. My weekly record of ship movements show a number of weeks when ship movements went down, and suspect that this was linked to works alongside the berths , the cranes, etc., and the harbour wall.,..in order to bring on the 3rd berth.

Anyway,.. happy to agree to disagree,...

Best.

Esduk,

'Mike and Foxy, I think going into the year with 8m GBP in recurring revenue is based on the run rate for recurring revenue figures at the end of last year"

I agree.

Foxy,...

I would say that we are in for another year of double digit growth. ... £4.2M in Q1 alone.... £10.9M for the whole of 2019?

You haven't queried BE figures,..in fact you said you agreed with them?... so you think SL is circa £4M/annum... and Tema is £5.5M?.. with Keyguard at £1.2M... and some maintenance ( the recent ME contract has £250K)...there is circa £11M alone? How do you work that out? That's £3M over the £8M they stated.

With respect,... If you have any serious concerns/queries ask the CEO, not me?

p.fowler@wg-plc.com

Which is what I do when I have issues.

shed.... yes the precise figure will obviously change.... in some case almost daily,.... its US$ 1.26/£1 today,.... but that is the tourist rate,... I imagine that WSG will have other measures in place to smooth out spikes etc., and any hedging,...---- in addition,.. the new tariffs that we will be working to were meant to be higher than that 65GHC figure,... a 10% increase was reported... for giving p some volume back to the original port.... so clearly I am, as we are all are,... just trying to apply my own rationale.Part of the payment mechanism/agreement that we have,.. may well allow for a n 'adjuster' to be applied which is linked to currency exchange rates. I would hope so!

Tbe reason I posted the numbers is just to show that I think that what the company has said thus far,.. and the Tema Port Tariffs,.. seem to support a TEU scanning fee much closer to £7 than the £3-4 that was being discussed earlier today.

It would be nice to get some clarity on this in a couple of weeks. But I'm not holding my breath.

Best.

win,.. couldn't agree more..... and good to know that they have also geared up with stock.

Foxy,.. I disagree with Big's numbers,.. and I have run my own.

My numbers show that we are receiving circa £7-8 per TEU scanned.,... which is what I have always said.

Peter Fowler NEVER said £15/TEU--at the AGM.

What actually he said was ,.... $10-15 US dollars was in the right order... when comparing handling fees at other ports.

There is a document out there stating Port fees for the security handling etc., as 65GHC$.. Ghana dollars,.. for a 20ft laden TEU.

At present 1 GHC$ = circa 5 $US dollar that equates to $13/US... or circa £10/TEU to Scanport/Westminster.
If the 'lions share', to WSG.. implies circa 70% , then we are getting £7-8/20ft TEU.
--------
I think we are scanning circa 65K/month at present. Much lower than Big Ears figure.

The main reason for my monthly figure being lower is two fold,...

1).... not all of the container volume has been transferred to our Terminals,... never, at start up had anything like the annual throughput of 900k/annum--- I would suggest that we are more likely servicing only 80% of the overall Port of Team capacity.

2) .. we had a deliberately 'soft/slow' start up,... as staff was trained,. equipment optimised and procedures tested. It took at least three to four months of operation for throughput to approach reach consistent levels .. and monitoring of the ship movements supports this,.. movement increasing from circa 1 per day in the first few months 6-7 ... to 10-11 a week at year end.

Anyway,.. just my thoughts.

Best

"Good news if - and it’s a big IF - Fooler can capitalise on the interest and get some tasty orders on the books, not just MoU, LoI etc."
--

Win,... Perhaps you missed this?

RNS 1st April:

"Whilst our airport operations are being impacted by the COVID-19 pandemic, our product sales team is experiencing record enquiry levels, particularly for fever screening and associated equipment. So far in Q1 2020, the Group has received over $2.1 million USD of online product orders of which $1.7 million USD were in March 2020 and over $1.2 million USD of that was the last two weeks alone, mitigating the reductions in our airport business. "

and.. yesterday .. RNS:

"As previously announced our product sales, particularly of fever screening and safety equipment, are flourishing.".

dhc,

If you think it is cricket to let innocent shareholders buy shares in your company all the way up to the eleventh hour in the hope and prospect of a 7:02 a.m. RNS tomorrow morning and then you pull the rug from under their feet at the eleventh hour with an RNS that should have been put out 2 weeks back - and you cause the SP by 20% to 30% causing them instant losses then you are a compete and utter #######.
--

I thought you said Riverfort had engineered the fall?

.. and they couldn't even arrange that. Less than useless.

Tom might be busy too.
---

Tom is as effective as a chocolate fireguard. Complete waste of money.

Can you name one thing they have ever done that has promoted or even supported the company? I asked them, a few years ago,,.. if they could arrange a video/audio link to the AGM for those who couldn't make it to London,... and they could even arrange that. Less than useless.

E-mails from me in PF's inbox.

DHC posted up a link a few days ago ...

err... I did.

Sunny don't stress.

DHC posted up a link a few days ago to company which said we made a loss of £600K last year.. .. but as I pointed out at the time...they had used sales revenues in their figures,... that were out by circa£1.5M... as today's RNS confirms.

EBITDA positive 2019... and this years we are already up on 2019's revenues and we will have a full year's income from Tema,..(. rather than 6months).. to book,... along with the natural growth at TEMA,.. which as of the end of March was 52% up,.(.. on day to day average....).. on the 2019 figures.

Covid,.. will clearly have an impact on WSG's business,... but thus far,... when considering all revenue stream,.. we are up.... not down,.. on 2019.

Best

sunny,
I've been on to the freetown airport site and I can't see any info on flights being resumed? Are you sure you have that right and your are looking at current info?

https://www.freetown-airport.com/en/departures_airport.php

I hope that you are....!!.. but I doubt it.

Best

Sunny.... that is interesting...... I'd not checked recently..... but I know the 14 day lockdown was coming to an end sometime soon.... albeit... the President has just gone in to self-isolation as one of his body guards has tested positive.

If airport is opening up already,.. even slowly,... that means that it will have only been fully 'closed' for circa 3 weeks,.... and that is after a record 1st qtr. Could be very positive indeed.

..still up and running, 24/7.

https://m.facebook.com/pg/MPSTemaPort/posts/?ref=page_internal&mt_nav=0

https://scontent.flhr2-1.fna.fbcdn.net/v/t1.0-9/fr/cp0/e15/q65/94852986_526766244674653_3591552086430449664_o.jpg?_nc_cat=107&_nc_sid=8024bb&efg=eyJpIjoidCJ9&_nc_oc=AQmZFsgmX8-yKiknbt1p9hfkUHWPBdg7E0CAnnx8lxp2LekPm80ugleU0IvEI38we5M&_nc_ht=scontent.flhr2-1.fna&_nc_tp=14&oh=a826a472fa0ddf3ca3bfefae6c0b66c1&oe=5ECE0FC9

sbs..

It's going to be the first BOT port operations,.. which exactly the same set up as Tema. .. and first phase is in construction from 2020-23.

https://rsgt.com/?p=15987

To handle that number of TEU's they simply must have a fully automated screening system, such as the one at Tema?

Feeks,

https://mawani.gov.sa/en-us/MediaCenter/NewsCenter/Pages/MAWANI-announces-joint-contracts-with-DP-World-and-Red-Sea-Gateway-to-develop-and-operate-Jeddah-Islamic-Port’s-Container-T.aspx

Signed in December 2019------ maybe one that we are linked too?-- we were carrying detailed assessment in 2019,.. and are in country again in Feb2020 to discuss solutions? Appears to tie in with the award for the port concession. Fingers crossed!
___

WSG RNS-
"One of several projects already being pursued in the Kingdom is Saudi ports and in 2019 at the request of the authorities we conducted detailed operational and vulnerability assessments at certain ports following which, the Westminster team are booked to meet with the port authorities in February 2020 for more detailed discussions regarding port security solutions. "

Worth looking any further information/developments on the key items that they highlighted in the last update,... as well as what info we can glean from the Finals for last year.
___
1 Overall, despite the disruption from COVID-19, our business has performed well and has been profitable in Q1 with revenues of over £4 million an increase of more than 30% over the same period in 2019 (Q1 2019: £3.1 million) and we have a healthy order book going forward.

2 Our container screening business in Tema Port, Ghana, has not been affected by airport closures and restrictions and continues to operate and produce revenues as normal. As previously announced, we and our partners Scanport have been successfully running the container screening and secondary search operations since the port opened on 28 June 2019 under a Technical Partnership Agreement signed between Scanport and Westminster in March 2019. The main contract between Meridian Port Services and Scanport was signed in March 2020, confirming Westminster as the Technical Partner for the duration of the Contract, being a 5-year renewable term.

3 Whilst our airport operations are being impacted by the COVID-19 pandemic, our product sales team is experiencing record enquiry levels, particularly for fever screening and associated equipment. So far in Q1 2020, the Group has received over $2.1 million USD of online product orders of which $1.7 million USD were in March 2020 and over $1.2 million USD of that was the last two weeks alone, mitigating the reductions in our airport business.

4 Our training business has been affected by the cancellation of many international flights although we are developing our non-contact services such as Computer Based Training (CBT), a growing area in aviation and other training areas, and we have some interesting developments underway that will allow training operations to be undertaken safely from a distance

5 Our guarding business is likely to be affected by some site closures although there is a likelihood that some guarding requirements may increase during site closures to ensure sites remain secure.

6 Whilst Sierra Leone has just announced its first recorded cases of COVID-19, the government had previously taken the precautionary step of quarantining passengers and restricting traffic to emergency and special flights only. Whilst this will have an inevitable impact on our revenues from this part of our operations for a period, we believe it is important that we also support our staff and the local community through what will be challenging times for the country, as we did during the Ebola epidemic a few years ago. We will be maintaining employment of our local staff to preserve security at the airport and will be using time between flights to undertake additional training for staff and to carry out comprehensive servicing and maintenance of all equipment
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https://www.lse.co.uk/rns/WSG/coronavirus-and-business-update-ig5gh3thl997f2b.

I do.