16th Jun 2021 09:06
(Alliance News) - Westminster Group PLC said Wednesday it has won a 10-year managed services contract for the freeport of Monrovia in Liberia, its second African business win announced this week.
The contract will start on July 1 and is expected to bring in USD1.1 million in the first 12 months, the company said.
Westminster will provide port screen services, with revenue generated from all import containers passing through the port. The contract can be extended beyond the first 10 years.
The contract award in Liberia follows Westminster's announcement on Tuesday of a security services contract for five airports in the Democratic Republic of Congo, which will deliver USD6 million in revenue in the first 12 months.
Westminster's shares jumped 40% on the news on Tuesday and were up another 7.3% early Wednesday to 6.20 pence. Over the year-to-date, the stock has risen 49%.
The Banbury, Oxfordshire-based company provides security and services through agents and offices in more than 50 countries.
"Following our announcement yesterday of a 20-plus year multi-million US dollar managed services contract for airport security, I am delighted to be able to announce yet another long-term port security managed services contract, particularly in West Africa where we already have a strong presence, and I am equally pleased this new contract opens up another new country for our operations," said Chief Executive Officer Peter Fowler.
Westminster said the Liberia contract was awarded by the government of Liberia as part of a competitive tender following the West African country's entry to the World Trade Organization. A broader deal was won by a consortium led by Medtech Scientific Ltd, from the United Arab Emirates, which in turn contracted Westminster for the port screening services.
Westminster said the deployment phase of the contract will take 18 months, with the expenses for this paid from existing company resources.
By Tom Waite; [email protected]
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