30th Jun 2016 07:42
LONDON (Alliance News) - Security and support services provider Westminster Group PLC on Thursday said trading in its operating divisions has been good and it looks set to hit breakeven for the first half of 2016.
Westminster said trading in the first half has shown continual improvements for both its Managed Services and Technology divisions, with revenue recovering for its airport operations in West Africa and increased interest seen in its security services for airports in the region.
These improvements, along with cost cuts made in the business, will mean Westminster will come close to reaching earnings before interest, taxation, depreciation and amortisation breakeven in the first half, compared to a GBP900,000 loss made a year earlier.
The trading update was accompanied by a shake-up to Westminster's board, including the appointment of UK government veteran Tony Baldry as deputy chairman. Baldry was a member of parliament for 32 years, stepping down in 2015, and held a number of ministerial posts, including Minister of Agriculture, Fisheries and Food.
Baldry has been advising the company in recent months and has helped the firm in progressing a number of potential airport security opportunities.
In addition, Commercial Director Roger Worrall will step down from the board and will focus on his role as director of operations. Michael Pakenham, a non-executive director, will step down from the board too but will remain an adviser to Westminster.
The company is in talks with a number of other individuals as it seeks to replenish and continue restructuring the board.
Westminster shares were up 2.0% to 13.00 pence Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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