19th Dec 2019 11:01
(Alliance News) - Security screening technology firm Westminster Group PLC on Thursday said trading in 2019 has been strong, with both revenue and earnings set for significant growth.
Westminster Group works with governments, non-governmental organisations, and corporates, with products including scanning equipment in airports.
Both divisions, Managed Services and Technology, have performed well during the year, Westminster Group said.
"We are pleased to report the group experienced strong growth for the year, both operationally and financially and we expect to report a significant increase in revenues over the previous year, maintaining our double digit year on year growth we have achieved in recent years, leading to a much improved earnings before interest, tax, depreciation, and amortisation," said the company.
Passenger numbers in west African airport operations are at record levels, it continued, while new port operations in Ghana are going well. This should provide "meaningful" revenue during 2020.
In Asia, Westminster Group has shipped a first container screening product to an unnamed port, with the second unit for another port due for delivery soon, with revenue to begin coming in during the first quarter of 2020.
The training business continues to grow, Westminster Group continued, with a new centre now opened in the UK.
"We enter 2020 with increased confidence underpinned by an order book of around GBP2 million and several million pounds in contracted revenue already in hand from our port, airport, guarding and maintenance contracts," the company continued.
"Coupled with healthy enquiry levels and numerous project opportunities at various stages of development we anticipate 2020 will be another year of significant growth."
Shares were 6.8% lower on Thursday morning in London at a price of 12.00 pence each.
By George Collard; [email protected]
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