13th Aug 2021 10:06
(Alliance News) - Westminster Group PLC on Friday reported a drop in first-half sales and a swing to a loss as the security contractor struggles to recover from Covid-19 restrictions.
Revenue fell 50% year-on-year in the first half of 2021, to GBP3.5 million from GBP7.0 million. The company made a pretax loss of GBP929,000, swinging from a profit of GBP236,000 a year ago.
Shares in the company were down 1.8% to 5.35 pence in London on Friday morning.
The Banbury, Oxfordshire-based company has been hit by the pandemic, as customers such as airports cut or delayed spending on security while travel plummeted.
But Westminster pointed out that a recovery is underway, with revenue up 16% from GBP3.0 million in the second half of 2020. The firm added that it is developing new revenue streams, such as Covid-19 testing, which contributed six-figure sales in the period.
The company said delays may affect the delivery of some of its projects in the short term, but it is on track to meet full-year expectations - provided the easing of restrictions continues.
By Ivan Edwards; [email protected]
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