Complete b0110ck58 Feb 2023 10:20
Morning…
Let’s remind ourselves what Pete said on the 1st Nov 2022…
We have previously advised that we anticipated the ratification process for the contract covering 5 airports in the DRC, originally announced in June 2021, would be concluded in Q4 2022 allowing for the project to commence at last. Whilst this has been a slow process, the Board believes this timing remains the case and recent events and activity add to our confidence that progress is being made. Should ratification occur pre the 2022 year end, we expect revenue will start to be recognised in early 2023.
In our interim results announcement, we also stated we expected to secure at least one more long-term, large-scale managed services contract this year and we continue to believe that to be the case. Whilst there is never certainty of timing or outcome of negotiations for such projects, which are complex and can involve various bodies, we have reached an advanced stage of negotiation with at least one such project. However, if signed, there would be little, if any, revenue recognised in the current year.
Further, a key part of achieving 2022 market expectations was the timely award of a multi-million-pound Technology project for the MENA region, which, whilst we still expect to be awarded the contract this year, we are now running short on time to deliver and recognise revenues in 2022, and accordingly, depending on when the order arrives, some of this revenue is now likely to slip into 2023.
Can someone remind me how much of that came to be true… or perhaps point me to any update that Pete has given as to when it will… otherwise I refer you to the subject title….. B
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