Banbury listed security company reveals revenues up 24 per cent

Westminster Group

Westminster Group Plc, the Banbury-based  supplier of managed services and technology-based security across the world, has announced its final results for the 12 months ended 31 December 2018.

Revenues up by 24 per cent to £6.7 million – despite revenues of £2.2m relating to a Middle East project slipping from the final quarter of 2018 to the first quarter of 2019.

This is the company’s third consecutive year of growth double digit revenue growth.

The company reported a strong performance by both its managed services and technology divisions and significant progress with several large-scale project opportunities.

Westminster now supplies clients in around 53 countries and in March 2018 signed a $4.5million contract for advanced vehicle screening solutions in the Middle East.

In May 2018 it signed a 15-year contract, worth around €24million Euro per annum but placed on hold following US withdrawal from the Joint Comprehensive Plan of Action (more commonly known as the Iran nuclear deal).

However, its West Africa airport operations performed well, with strong passenger growth in the second half of the year and Westminster provided training throughout 2018 to various airports, including several major hubs, across the Middle East, Africa and Asia

In November the company acquired UK security and risk management company, Keyguard U.K Ltd which is expected to deliver revenues of around £1.5m per annum

Two new non-executive directors were appointed. Lady Patricia Lewis (Patsy Baker) in May 2018 and Charles Cattaneo in January 2019 and with the appointment of Mark Hughes as CFO in November 2018 replacing Martin Boden.

 In April 2019 the company announced a $3.4 million USD contract for the provision of advanced container screening solutions to two separate ports in Asia, followed in May by the completion of the acquisition of Euro Ops.

Peter Fowler, Chief Executive of Westminster, said: We have seen steady year on year revenue growth over the past few years and we expect this to continue. 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.”