Last checked at 7 Apr 2016 07:00
7 April 2016
Westminster Group Plc:
Ferry Project & Airport Security Update
Westminster Group Plc ('Westminster' or the 'Company'), the AIM listed supplier of managed services and technology based security solutions to governments and government agencies, non-governmental organisations (NGO's) and blue chip commercial organisations worldwide is pleased to provide an update on its ferry project and core airport security business.
Ferry project update
The ferry is currently securely moored in the boat yard awaiting access to the slip which is anticipated to be vacated within 7-10 days. On visual inspection, with the ferry in situation in the water, the damage appears limited and has been made safe. This damage however cannot be fully repaired whilst the ferry remains in the water. A further update and an expected date of commencement of services will be given on receiving the engineers report once the boat is fully inspected.
West Africa airport update
The Company is pleased to report that passenger numbers at its West Africa airport operations are recovering well from the Ebola crisis with Q1 2016 showing a particularly strong recovery. The first three months of 2016 were individually the three highest months in terms of daily passenger numbers and revenues since August 2014 and passenger numbers in the quarter are 80% ahead of the same period in 2015. This, combined with the operational leverage available through our existing unused throughput capacity and cost efficiencies, has enabled the project to produce its best ever quarterly contribution.
Managed Services division update
Progress and momentum continues within the airport security division with continued growth and interest being shown in Westminster's airport security solutions from organisations and authorities around the world.
Of the recently signed MoU's, two have now had full Gap Analysis works completed and arrangements are now being made for contract negotiations. The Gap Analysis works for the MoU signed on 20 January 2016 relating to several international airports was awaiting relevant security clearances to be granted. This has now occurred and the Company's survey team are now due in country at the end of April. In addition, arrangements have now been completed for the survey team to undertake the Gap Analysis for the significant international airport in the Middle East announced on 8 March 2016, with analysis due to commence in the week commencing 11 April 2016.
Commenting on the current status of the signed MoU's and the ferry, Peter Fowler, Chief Executive of Westminster Group, said:
"Whilst there is of course no certainty as to timing or the final outcome of the project opportunities in progress, we believe the progress we are making with a number of these long term, large scale, MoU's now in play, any one of which would be transformational for Westminster, and the momentum we are seeing together with the current security situation worldwide, is encouraging and we will of course continue to update the market on progress in due course.
"Regarding the latest news about the ferry I obviously share the frustration and disappointment that both shareholders and potential customers must feel and I sincerely hope any delays will be short lived and that we can commence the service as soon as possible."
For Enquiries:
Westminster Group plc. | Tel: 01295 756 300 |
Peter Fowler (Chief Executive) |
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Ian Selby (Chief Financial Officer) |
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S. P. Angel Corporate Finance LLP (NOMAD + Broker) | Tel: 020 3470 0470 |
Stuart Gledhill |
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Walbrook PR (Financial PR) | Tel: 020 7933 8780
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Tom Cooper/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 ferry services, 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. For further information please visit www.wsg-corporate.com