24th May 2019 11:34
LONDON (Alliance News) - Westminster Group PLC said Friday its 2018 loss narrowed as revenue grew almost a quarter, as it forecast 2019 revenue to advance "significantly" higher still.
In 2018, the security firm reported pretax loss improved to GBP1.4 million from GBP5.7 million the year prior. This was after revenue rose 24% to GBP6.7 million from GBP5.4 million the year before.
"We have seen steady year on year revenue growth over the past few years and we expect this to continue," Westminster Chief Executive Officer Peter Fowler said. "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.
Westminster does not pay a dividend.
"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," Fowler added.
Shares in Westminister were 11% higher at 7.39 pence on Friday.
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