Member Info for MikeGP

Morning h&n,.... where are you sourcing the passenger information for SL,... is there a good link?
Best

... when the Contract is signed we'll all be happy campers,.... well,...at least for a day or two!

Foxxy,... agreed,...... TEMA,... will get us on to the bottom rung of the ladder,.... but we need one of the other much touted 'cusies'p to land in quick succession ..to really demonstrate that we are on our way. ...... and another big tech contract would also be most welcome right now!

Yes.. agreed... 10 or 15yrs would seem the most likely time scales.

Doubt that they will be too specific in terms $/container as I would imagine that would be quite commercially sensitive,... but given that the rates are published in the Tema tariffs,.. we might be surprised.

I imagine there will be quite a spike in the sp on the contract signing,... followed by some profit taking. Hopefully it will then consolidate near the 50p mark in the short term. That is my target.

..." Are we there yet?" !!!

Foxy,..

Hard or easy .. I don't I have ever had a useful response from him. I suspect he knows less about the company than we do.

He never answers any question.... if you are going to contact him,... why not suggest and investor/client tel conference to answer questions?

Aiming.... it's a fair point,.... a change of government might lead to a change in direction etc.,... but in this instance when a lot of ground work has been done,.. and a contract signed by one of the parties,... why would you go all the way back to square one?

If more scanners are required for the phase II expansion then I would have thought that they will be all part of the those programmed works and part of that build contract. There will probably need to be additional storage space etc., works areas, office/staff accommodation etc., unless that has been catered for in the phase I set-up.

I was surprised at the relatively low volume of containers scanned in July. I know they flagged up the soft start etc.,... and looking at ship movements I actually think we were probably closer to 1000 containers/ship average in July.. but still quite small. Volume might have also been limited by staff on the ground. At that stage we had circa 50 and training for a further 120 in hand. I would imagine that situation has changed now,.. or will very soon.
Another 6/7 ships serviced last week and two new ones in dock today. Tick Tock.

Vander,.... agreed. perhaps naive of PF and us to think that a project of this size could be wrapped up in a few weeks. A little bit of over excitement after the pain we have all been through for years perhaps!

But more than happy with a 6 week wait and fully operational by end of Q3 statement.
Best

BBM,-----it's not 100K.
___

"... and at 14 August 2019 the cash balance was £0.8m, having already paid in early August a £0.5m deposit towards the Asia Port Scanners. "

Nice spot Andy,... screening imports and export containers,

Is this the first time we have heard a whisper about South America....- see end of para.

"Also in January 2019, James Sutcliffe, by agreement, left the Westminster Group Plc board to take on the role as Chairman of the International Advisory Board, where the benefit of his extensive international experience and high-level Government contacts overseas can be of significant value to the Company's business development and expansion going forward. James is already assisting the Company with several large-scale opportunities in Asia and South America.

"Notwithstanding our growing business we have reduced our central costs, which are down by £219k (23%) from H1 2018 and, given the strong H1 performance together with our contracted recurring revenues, a £3.3m order book at the end of June 2019 and contribution from Keyguard and Euro Ops, we expect 2019 revenues to be significantly ahead of 2018."The first 6 months of 2019 has been a significant move forward from the same period last year with H1 2019 revenues of £5.6m, more than double that of H1 2018 (£2.6m). As outlined in the Divisional Review below, both Managed Services and Technology Divisions have performed ahead of expectations and passenger numbers for our West Africa airport operations for the first six months of 2019 are the highest levels since we commenced operations there. In the first six months of 2019 we secured £3.9m in new orders, in addition to our regular contracted managed services and maintenance recurring revenues. We continue to have a healthy and active enquiry bank and we continue to progress a number of large-scale project opportunities around the world.Revenues at our West Africa airport operations were at record levels during H1 2019, an 18% increase over H1 2018, and the trend looks set to continue with July 2019 passenger numbers being the best July since we commenced operations there.We completed the acquisition of French based Euro Ops in May 2019 which is already contributing to the Division's revenues and has not only extended our geographical footprint but has also introduced new niche products in adjacent sectors. Keyguard Ltd., the guarding and risk management company which we acquired at the end of 2018, is progressing and adding to its portfolio of projects including large scale infrastructure projects such as HS2, for which we now have a guarding contract as well as facility management projects which open up cross selling opportunities within the Group.In April 2019, our Technology division announced the award of a $3.48million US Dollar contract for the provision of advanced container screening solutions to two separate ports in an Asian country, which had been under negotiation for several months. Whilst the project is a high priority for the client, we could not commence operations and organise manufacturing until we had received the letters of credit in order to organise project funding - these arrived in mid-July. Following the fundraising on 25 July we have been able to immediately commence production and expect to complete the first installation on schedule in Q3 2019 and the second installation shortly afterwards, subject to any unforeseen delays.

..as far as Tema is concerned it looks as if he is saying end of Q3 is when they are fully operational and he is implying that the contracts will be signed by then.... so a max of 6 weeks. I can do that. Just.

As to all other operations,... all looks very positive. We now know that the German subsidiary is to act as a shell for Iran. We now know that the airport operations are up 18% this year,.. which all goes to the bottom line.

Best

Financial Highlights:



· Group revenues for the 6 months ended 30 June 2019 up 117% to £5.6m (H1 2018: £2.6m).

· 257% increase in Technology Division sales to £3.1m from £0.9m in H1 2018.

· 47% increase in Managed Services Division sales to £2.5m from £1.7m in H1 2018.

· Central costs reduced by 23% from H1 2018 and overall aggregated admin expenses maintained at £2.3m despite additional costs from acquisition of Keyguard and increased revenue.

· Reduction of adjusted EBITDA loss down 88% to £49k (H1 2018: loss restated £402k).

· Reduction in reported loss before tax to £0.8m including £0.3m relating to a non-cash financing charge associated with the CLN extension (H1 2018: loss restated of £1.2m extension cost £0.3m).

· Loss per share reduced to 0.58p (H1 2018: 0.97p).

· Operationally cash positive in first half.

· £0.5m new equity before expenses raised in February 2019.

· Convertible loan notes extended in May 2019 to 30 June 2020 at a coupon of 15%.

· Cash balance of £0.3m at 30 June 2019 (30 June 2018: £0.3m).

· H1 2019 sales order intake remains strong at £3.9m (H1 2018: £3.9m). Order book at 30 June 2019 - £3.3m.



Operational Highlights:



· Signed a joint venture agreement with Scanport in Ghana leading to the JV receiving a Letter of Intent regarding the appointment as the sole operator for a major long-term managed services project for container screening services at the new $1.5billion USD Tema Container Port terminal in Ghana.

· Signed a joint venture agreement with a significant partner in the Kingdom of Saudi Arabia, Hazar International, setting up Westminster Arabia in the Kingdom.

· Signed a strategic alliance with the Gulf Aviation Academy, a leading provider of professional aviation training in Bahrain and the wider Middle East and North Africa ('MENA') region, greatly expanding our range of services to existing and potential clients.

· Awarded a $3.48m USD contract for the provision of advanced container screening solutions to two separate ports in an Asian country.

· Acquisition of Euro Ops in May 2019 widening our ability to sell into francophone countries.

· West Africa airport operations at record levels.



Commenting on the results and current trading, Peter Fowler, Chief Executive of Westminster Group, said:

"In our 2018 Annual Report I was pleased to report that our business is now in a better position than it has been for some time in terms of management, structure, revenues and prospects and I am pleased to report that continues to be the case.

"The first 6 months of 2019 has been a significant move forward from the same period last year with H1 2019 revenues of £5.6m, more than double that of H1 2018 (£2.6m). Both Managed Services and Technology Divisions have performed ahead of expectations and passenger numbers for our West Africa airport operations for the first six months of 2019

..Westies... coffee is on.

dhc,
Completely agree,.. I want the full blown contract.

However,... if the MPS are using the negotiations with the Port Authority as an excuse NOT to sign our contract,...then I believe we should be pushing for an interim agreement based upon the current Port Tariffs that are agreed for 2019. The thing of the negotiations regarding an increase to the existing Port Tariffs is not in our control,.. and could drag on an on,.. as there are a lot of vested interests,......
Not long to wait in any case,.... there are many irons in the fire and the Interims should make for a very interesting read. My alarm clock is set.
Best

our posts crossed.... my point exactly!!!

h&n,

Yes. Point taken. I would suggest that the interim agreement would be based upon this years rates and Port Tariff.... it would then be adjusted pro-rata,.. or on some sort of multiplier linked to volume etc., to the new rates when, if, they are agreed. Shouldn't be rocket science or lead us to have to accept a poor deal.
I can't believe that all of these ships are being serviced for nothing at the moment... so someone is bagging all the cash?..... of which some should be ours!!