Banbury based Westminster Group rallies with revenues rise

Westminster Group plc

Westminster Group Plc, the Banbury-based security services company which was last month was awarded a contract to  help protect the Tower of London, has seen revenues rise 16 per cent.

The company, which was also awarded a Queen’s Award for Enterprise earlier this year, has reported Group revenues up to £3.5 million, up from £3 million in the same half last year, though down from £7 million in the first half of 2020.

Peter Fowler, Chief Executive of Westminster Group, said: “In our 2020 Annual Report we stated the outlook for 2021 was looking positive and this remains the case.

“Not only are we seeing recovery and growth in our existing operations, but we are developing new initiatives and revenue streams, such as the Covid-19 testing programme, and in recent weeks and months we have announced several significant new large-scale, long-term contract wins that will produce a several million-pound step change in our annual revenues, together all underpinning confidence in our business model and growth trajectory.”

He added: “Covid-19 has, of course, continued to create challenges during the first half of 2021 with the global uncertainty causing many businesses and organisations to be cautious on their spending plans and with travel restrictions still in place in many parts of the world, resulting, as previously announced, in further ‘right-shifting’ of certain expected contracts and revenues.

“Because of this our first half year revenues are therefore down on H1 2020, which had record revenues for the first three months before the Covid-19 pandemic had any real impact. However, at £3.5m, H1 revenues are 16 per cent ahead of the second half of 2020 demonstrating recovery is underway and we believe that, providing the expected easing of restrictions and the resultant recovery continues, together with the recently secured contracts and our strong pipeline we are on track to deliver a strong performance for 2021 and we are confident in our future forecasts.

Oxfordshire security company wins Tower of London contract

 

“In the last few years, we have achieved a lot, despite the challenges, and it is rewarding to see the quality of our services and our many achievements being widely recognised. I am extremely proud therefore, that in April 2021, Westminster was granted the Queen’s Award for Enterprise in recognition of outstanding achievement in international trade.”