Last checked at 13 Jul 2020 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')
Trading Update
& Notice of Results
Westminster Group Plc (AIM: WSG), a leading supplier of managed services and technology-based security solutions worldwide, is issuing a trading update for the 6-month period to 30 June 2020 ahead of its 2020 unaudited interim results announcement which is expected to be released on 14 August 2020.
Notwithstanding the impact of COVID-19, trading for 2020 started on a positive note and this has continued throughout the first six months of the year. Accordingly, the Board expects to announce an increase of around 24% in H1 2020 revenues to c£7.0m (H1 2019: £5.6m) delivering a much-improved financial performance with a pre and post-tax profit. Cash at 30 June 2020 stood at c£1.6m
Commenting on trading, Westminster's Chief Executive Officer, Peter Fowler, said:
"We have achieved impressive double digit percentage year on year revenue growth over the past few years and it is pleasing to report that, despite the impact of COVID-19 on parts of our business, this trend has continued during the first six months of 2020.
"Whilst the COVID-19 pandemic continues to create uncertainty for businesses around the world our business model and multiple revenue streams from diverse sources and regions worldwide does provide Westminster with both opportunities and a degree of resilience.
"These are exciting times for Westminster, and over the next few months and years, we have an opportunity to achieve unprecedented growth from the prospects we are pursuing, and the Board and I remain committed to delivering on this potential."
Investor Webinar
The Company will be holding an investor webinar at 12:30 pm on 23 July 2020 to provide an update on the Company's activities and trading. Further details and registration details are available on the Group's website at https://www.wsg-corporate.com/investor-relations/. Questions can be submitted in advance to Westminster@walbrookpr.com.
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 (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.
The Westminster Group Foundation was formed in 2014 as an initiative of Westminster Group plc. during the West African Ebola Crisis.
The Foundation's goal is to support the communities in which the Group operates by working with local partners and other established charities to provide goods or services for the relief of poverty and the advancement of education and healthcare particularly in the developing world.
The Westminster Group Foundation is a Charitable Incorporated Organisation, CIO, registered with the Charities Commission number 1158653.