31st Jan 2020 10:23
(Alliance News) - Security services provider Westminster Group PLC on Friday said it secured its fifth-successive year of double-digit revenue growth in 2019.
Westminster said revenue rose 63% year-on-year to roughly GBP10.9 million from GBP6.7 million.
"We are pleased to announce that 2019 was a record year and the group expects to report, subject to audit," the company said.
The company also expects "greatly improved" earnings before interest, tax, depreciation and amortisation in 2019. In the year before, it made a GBP380,000 Ebitda loss.
Westminster said: "As a business we are operationally geared in that we have relatively fixed operating costs and as our revenues continue to grow our profitability will grow proportionally faster. In this respect we believe we are now approaching an inflection point."
The company also added that trading in 2020 "has started on a positive note".
Shares in the company were 1.9% higher at 10.96 pence each in London on Friday morning.
By Eric Cunha; [email protected]
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