8th Mar 2016 08:55
LONDON (Alliance News) - Westminster Group PLC on Tuesday said it has signed a memorandum of understanding with a Middle East Civil Aviation Authority that could lead to the London-listed company securing a 25 year contract.
The memorandum is for the supply of aviation security services over a 25 year period at a "significant international airport within the country concerned serving several million passengers annually," the company said.
Westminster does not usually reveal its customers or specific details about its operations for security reasons.
The memorandum has been signed through the London-listed company's subsidiary, Westminster Aviation Security Services, which will meet with the potential customer to discuss technical and operational requirements prior to final contract negotiations.
"In view of the heightened security threat worldwide, together with the strategic importance and forecast growth of the airport in question, the country's Civil Aviation Authority recognised the need to urgently improve airport security and equally recognised [our subsidiary's] experience and expertise in this field," said Westminster.
"Whilst there is of course no certainty as to timing or the final outcome of this memorandum or any of the project opportunities in progress we believe the number of long-term large-scale memorandum's now in play, any one of which would be transformational for Westminster, and the momentum we are seeing together with the current security situation worldwide is encouraging, and we will of course continue to update the market on progress in due course," added Peter Fowler, chief executive of the company.
Westminster shares were up 6.2% to 14.20 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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