29th Jul 2016 08:37
LONDON (Alliance News) - Security and support services provider Westminster Group PLC said Friday it expects better 2016 first half trading results compared to the six months to June last year, and was positive about its growth potential over the coming months.
Westminster said it expects to report an improved trading year-on-year performance for the first half of the year, anticipating an improvement on the net loss of GBP900,000 last year. The company expects to report positive earnings before interest, taxes, depreciation and amortisation for the six months to June.
The company said this improvement was driven by improved passenger volumes in its airport operations, a more diversified revenue stream, the weakening of the pound compared to the dollar, and lower company costs. Revenue for the first half of the year is expected to be around GBP2.0 million compared to GBP1.9 million the year previously.
The company said the size, number, and geographical spread of opportunities the company is pursuing should provide significant potential for growth, with the company positive by its growth prospects over the coming months.
Westminster said contract discussions are largely complete with an unnamed Middle East airport authority for a long-term security contract, and said the contract will now be worth significantly more than the estimated GBP30 million previously reported in May. The company also said it looks forward to the commencement of its ferry service, following sea trials for its two vessels in August.
Shares in Westminster were up 12% at 21.50 pence Friday.
By Lucy Heming; [email protected]
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