Last checked at 29 Apr 2020 15:01
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN
Westminster Group Plc
('Westminster', the 'Group' or the 'Company')
Annual Report and Accounts - Change of Release Date
Westminster Group Plc (AIM: WSG), a leading supplier of managed services and technology-based security solutions worldwide, wishes to advise shareholders that, due to the disruption caused by the COVID-19 pandemic, the release of its Annual Report and Accounts, due on 30 April 2020, has been delayed by two weeks and are now expected to be released on Thursday 14 May 2020.
The Group has finalised its Annual Report and Accounts and the Group's auditors have largely completed their audit works but due to the disruptions to working practices caused by the COVID-19 pandemic, including social distancing and home working, it has not been possible to finalise matters. Westminster has therefore decided to delay the release of its Annual Report and Accounts for a period of two weeks in order to give its auditors time to complete their processes.
The Group now expects to issue its Annual Report and Accounts on 14 May 2020, which will show revenues of £10.9m an increase of 63% on 2018 and will be EBITDA positive (2018: £0.35m EBITDA restated loss on a consistent basis). The Group cash position as of 29 April 2020 is £1.6m and it has also significantly increased its investment in its stock of fever screening and associated equipment.
Commenting on the delay Westminster's CEO, Peter Fowler, said:
"It is disappointing that we have had to make this short delay to the announcement of our Annual Report and Accounts, particularly as the Group were on track to report some 3 weeks earlier than normal in prior years, however COVID-19 is creating challenges for many companies and we do appreciate the efforts our auditors have made in difficult circumstances to meet our deadlines.
"As previously reported we are fortunate in that our business model is built on multiple revenue streams from various activities around the world and whilst parts of our business including our airport security and training operations are adversely affected, other areas of the business are largely unaffected and it is encouraging to see that our Ghana operations continue to generate revenues in line with budget and that the lockdown in the country, which is now over, had little impact on our business. As previously announced our product sales, particularly of fever screening and safety equipment, are flourishing.
"Overall, despite the disruption from COVID-19 our business has performed well and been profitable in Q1 with revenues of over £4.2m. We continue to receive a high volume of enquiries from around the world particularly around our fever screening and safety solutions, including some major blue-chip clients. We believe fever screening solutions will now be a standard requirement for airports and many commercial and governmental organisations.
"We continue to monitor the situation carefully and to look for new opportunities to expand our online sales opportunities. Our overriding priority however continues to be the safety and wellbeing of our people and to continue to provide a valuable service to our customers."
For further information please contact:
Westminster Group Plc | Media enquiries via Walbrook PR |
Rt. Hon. Sir Tony Baldry - Chairman |
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Peter Fowler - Chief Executive Officer |
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Mark Hughes - Chief Financial Officer |
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S. P. Angel Corporate Finance LLP (NOMAD & Broker) |
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Stuart Gledhill | 020 3470 0470 |
Caroline Rowe |
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Walbrook (Investor Relations) |
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Tom Cooper | 020 7933 8780 |
Paul Vann |
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Nick Rome | Westminster@walbrookpr.com |
Notes:
Westminster Group plc is a specialist security and services group operating worldwide via an extensive international network of agents and offices in over 50 countries.
Westminster's principal activity is the design, supply and ongoing support of advanced technology security solutions, encompassing a wide range of surveillance, detection (including Fever Detection), tracking and interception technologies and the provision of long-term managed services contracts such as the management and running of complete security services and solutions in airports, ports and other such facilities together with the provision of manpower, consultancy and training services. The majority of its customer base, by value, comprises governments and government agencies, non-governmental organisations (NGO's) and blue-chip commercial organisations.