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Westminster Group sees decent improvement in revenue

By Josh White

Date: Friday 24 May 2019

Westminster Group sees decent improvement in revenue

(Sharecast News) - Managed services and technology-based security solutions provider Westminster Group reported a 24% improvement in revenue in its final results on Friday, to £6.7m.
The AIM-traded firm said that was despite revenues of £2.2m relating to its Middle East project slipping from the fourth quarter of 2018 to the first quarter of 2019.

It noted that it was its third consecutive year of double digit revenue growth.

The company managed to narrow its EBITDA loss to £0.38m from £1.23m year-on-year, while its total equity and net assets grew to £1.1m from £0.1m in the year ended 31 December.

"We have seen steady year on year revenue growth over the past few years and we expect this to continue," said Westminster Group chief executive officer Peter Fowler.

"Based on our current order book, the improvement in our airport passenger numbers and our run rate business, including Keyguard and Euro Ops, we expect 2019 revenues to be significantly ahead of 2018 even without any further new major contract awards, which of course would materially improve the results.

"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."

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