15th Aug 2019 10:38
(Alliance News) - Westminster Group PLC on Thursday said its loss narrowed considerably in the first half of 2019 as revenue more than doubled on higher sales across all of its divisions.
For the six months to the end of June, the security services firm posted a pretax loss of GBP787,000, narrowed from GBP1.2 million the same period the year before.
Revenue more than doubled to GBP5.6 million from GBP2.6 million the prior year, as Westminster's businesses were buoyed by new acquisitions and higher activity.
Westminster's Technology division emerged as the star performer in the period, with sales more than tripling to GBP3.1 million from GBP900,000 the year before. Earlier in 2019, Westminster completed the remainder of vehicle screening contract in the Middle East, worth USD4.5 million.
Meanwhile, the Managed Services unit's revenue rose 47% to GBP2.5 million, driven by a record performance from its West Africa airport operations, and a contribution from recently acquired risk management firm Keyguard Ltd.
Westminster acquired Keyguard in November for GBP200,000.
Looking ahead, Westminster said it expects revenue for 2019 to be "significantly ahead" of 2018's GBP6.7 million, based on the group current order book and revenue run rate.
As at June 30, Westminster's order book stands at GBP3.3 million, with a sales order intake of GBP3.9 million.
"Based on our current order book and our run rate business, including Keyguard and Euro Ops, we expect 2019 revenues to be significantly ahead of 2018," said Chief Executive Peter Fowler.
"Over the next few months and years we have an opportunity to build on our current achievements and year on year growth with the potential for unprecedented growth from the many prospects we are pursuing, and the board and I remain committed to delivering on this potential," Fowler added.
Shares in Westminster Group were down 1.5% at 9.60 pence on Thursday.
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