Westminster Group Regulatory News (WSG)

14 Jan 2008 07:01

Westminster Group PLC14 January 2008 14th December 2007 Westminster Group Plc: Trading update Westminster Group Plc ("Westminster" or "the Group"), the AIM listed supplier ofsystem solutions and products to the security, defence, fire protection andsafety markets worldwide, announces the following trading update. Since the interim results announcement last September, trading has beenencouraging. Orders received in the second half of 2007 provide a secured orderbook going into 2008 of circa £1.6m. Notable contracts recently won include£750k worth of contracts awarded to one of the Group's UK based subsidiariesRMS. RMS specialises in the design and installation of low voltage fireprotection, security and satellite services, typically in high rise buildings. However, a number of other contracts which were expected to be secured duringthe second half remain under negotiation and are now expected to fall into 2008.As a consequence of these deferrals, the Group's full year results will not nowmeet market expectations. The Board is confident that these contracts will besecured shortly and that the Group will be able to announce these wins to themarket. Commenting on current trading, Peter Fowler, Chief Executive, said: "Notwithstanding the delays to a number of contracts highlighted above, theBoard is pleased with the current run rate of orders won by the Group. Thespread of contracts won across the subsidiaries and the territories demonstratesa good balance to the business. The Board believes that the sales and marketinginfrastructure that has been put in place during the second half of 2007 willcontribute significantly in the forthcoming year. We have appointed new agentsin Indonesia, Malaysia, Columbia and Francophone Africa; opened a new MiddleEast sales office in Dubai; launched our new multi-lingual Group website; begunwork on developing the Group headquarters and have extended the test grounds anddemonstration facilities. We are currently reviewing a number of acquisition opportunities which willcomplement the existing business mix and will accelerate our growth which has,to date, been exclusively organic. To support the enlarged business, we are pleased to announce the appointment ofThe Hon. Sir Michael Pakenham KBE CMG to the board of the Westminster Group from1st February 2008. His contribution will be invaluable." Enquiries: Peter Fowler 01295 756 300Chief Executive - Westminster Group Plc Clive Carver 020 7600 1658JM Finn & Co Tom Cooper/Paul Vann 0117 920 0092Winningtons Financial Notes: Westminster Group plc is a leader in the supply of system solutions and productsto the security, defence, fire protection and safety markets worldwide. It wasadmitted to the Alternative Investment Market of the London Stock Exchange inJune 2007 at which time it raised approximately £2.5million net of expenses byway of a Placing of 4,537,336 new Ordinary Shares at 67.5pence per share throughJ M Finn & Co Ltd, the Company's nominated adviser and broker. Its market valueat flotation was £10million. Westminster's principal activity is the design, supply and ongoing support ofadvanced technology security solutions. These can range from product onlyassignments, such as the supply of specialised scanners, to the design andimplementation of an integrated system solution such as a border detection andsurveillance system. The majority of its customer base, by value, comprisesgovernments and government agencies, non governmental organisations and bluechip commercial organisations This information is provided by RNS The company news service from the London Stock Exchange