Highlights6 Nov 2024 11:30
New MSC’s
I am pleased to report we have made significant strides forward with several of the large-scale, long-term managed services airports and ports opportunities each of which, as and when secured, would provide multi-million-pound step changes in annual revenues. It is always difficult to accurately predict timing for such projects, which are complex and can involve various bodies in bureaucratic processes however we hope to finalise one such opportunity before the end of 2024 or early in 2025.
Guarding
Our guarding business is going from strength to strength with a like for like increase of 48% in guarding hours and the new contract to provide comprehensive security concierge services announced in October 2024 will significantly enhance this activity.
In addition to building our international operations and to provide some resilience against world events, we have been undertaking a strategy of developing a significant UK presence with an enviable blue-chip client base, such as the Palace of Westminster, Scottish Parliament, Tower of London, UK Border Force, UK Prisons, to name but a few, all of which are performing well and which provide resilient recurring revenue streams. I am pleased to report we are discussing expanded operations with such customers.
In October 2024 we announced that we had secured several contracts with a combined value of over $1.2 million, including a contract to provide comprehensive security concierge services on an annual basis across a number of prominent sites in the United Kingdom starting at circa £650,000 per annum in the first year. The Company is additionally in discussions regarding security solutions for some of the Customer's sites elsewhere in the world, which we hope will result in additional contracts.
Southeast Africa upgrade and move to MSC
Our $1.7million project to upgrade security at two airports in Southeast Africa, funded by the European Investment Bank (EIB), is now well underway with one airport completed and the other well advanced. We are now in discussions with the relevant authorities regarding moving to a long-term managed services contract for these two airports, under a new agreement, once the current installation works have been completed.
Sierra Leone
Our West African airport operation and collaboration with Summa is working well and has been a positive development. With potential new airlines opening up new routes including a new direct flight to the UK once again we expect this contract to continue to be a valuable part of our business.
DRC
Our work on the DRC contract is progressing well as is the Southeast Africa airport project bringing 5 more airports into our portfolio and significant ongoing revenues for future years to come.
Training
We have a current order book of circa £1m and annual recurring revenues of circa £14.3m (including DRC estimates) with the potential to materially increase this through additional new contracts in the yea
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