Last checked at 24 Dec 2018 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014
Westminster Group Plc
('Westminster', the 'Group' or the 'Company')
Contracts Update
Westminster Group Plc (AIM: WSG), a leading supplier of managed services and technology-based security solutions worldwide, is pleased to provide an update on contracts.
Managed Services Division
The large scale, long term security contract for one of 60 airports in Iran, which was signed in May 2018, but which had to be put on hold following the US unilateral withdrawal from the Joint Comprehensive Plan of Action (JCPOA), remains a key focus for the Company. We continue to work closely with our Iranian client and are pleased to report that the majority of issues and challenges created by the US actions have now been addressed. The European Union is hoping to have its Special Purpose Vehicle (SPV), to assist with Iranian trade transactions, in place early in the new year. Both parties remain committed to the project and despite the challenges continue to work towards commencing the project at the earliest opportunity.
In our Interim Report in September we announced that we continued to work towards signing at least one further long-term Managed Services contract this year although, as always, there is never certainty as to timing or outcome in these matters. In this respect our Chairman, Sir Tony Baldry, and CEO Peter Fowler, have recently returned from Africa having progressed discussions on one of our long-term airport security project opportunities. Contracts have been drafted and we anticipate providing a further update in the new year.
Technology Division
In March 2018 we announced a $4.5m USD contract award to provide several advanced vehicle screening solutions to a high security facility within the Middle East, which we expected to be largely completed by the year end. We are pleased to announce this remains the case with just $224k of commissioning works outstanding at year end, which will be undertaken in the new year.
The Company will be announcing a trading update and notice of results in late January 2019.
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 | 0797 122 1972 |
| tom.cooper@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, 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.