6th Nov 2024 17:08
(Alliance News) - Westminster Group PLC said on Wednesday reported revenue growth in the 18 months to June 30, but also pretax losses.
The Oxford-based provider of security services, for sensitive places such as ports, airports and commercial buildings, said revenue in the 18 months to June 30 was GBP9.1 million against GBP8.6 million in 2022.
Pretax losses amounted for GBP3.2 million for the period, increasing from GBP775,000 in 2022.
Westminster Group reduced its administrative costs by 11%, but recorded a loss of GBP1.5 million in earnings before interest, taxes, and amortisation.
Westminster Group said it has confidence in the future long-term growth and success of the business.
Chief Executive Officer Peter Fowler said: "We continue to battle against probably one of the worst world economic and political backgrounds in recent times and the period in question has been a time of both challenges and achievements.
"We are focussed on building a resilient business based on multiple revenue streams, many of which are from long-term recurring revenue contracts, from multiple customers, in multiple jurisdictions, which is and will continue to be a key growing strength of our business."
The London-listed stock was down 20% at 1.99 pence on Wednesday.
By Eva Castanedo, Alliance News reporter
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