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28 Mar 2018 14:37
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')
Major Middle East Project Opportunity 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 its previously announced major long-term project opportunity within the Middle East.
As we have previously announced, the major Middle East project opportunity is awaiting completion of the client's internal approval process, and we have been informed that the remaining contractual and commercial issues referred to in our 31 January Trading Update are now agreed. The initial phase of the project is still expected to be worth approximately €24m per annum to Westminster, with any future extensions and changes of scope expected to be subject to price revision.
The project remains a high priority for the client and we still believe this final approval process is imminent, but with any project of this size and complexity there can never be certainty of timing or outcome as we are dependent on the client's timescales.
As mentioned in our 31 January Trading Update, plans are in place to raise the required funds to support investment in this project and other potential new Managed Services contracts. These plans will be finalised once we have signed the Middle East contract and details are now likely be announced in Q2 2018.
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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Martin Boden - Chief Financial Officer |
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S. P. Angel Corporate Finance LLP (NOMAD & Broker) |
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Stuart Gledhill | 020 3470 0470 |
Lindsay Mair |
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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 through an international network of agents and offices in over 50 countries.
Westminster's principal activity is the design, supply and on-going 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.
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