14th Aug 2020 10:14
(Alliance News) - Westminster Group PLC on Friday said it sees further growth opportunities going forward after swinging to profit in the first half of 2020.
The technology-based security solutions provider said it swung to profit in the six months to the end of June of GBP236,000 compared with a GBP787,000 loss posted a year prior, as revenue jumped to GBP7.0 million from GBP5.6 million.
Westminster Group explained that the Covid-19 pandemic has demonstrated the value of its business model with multiple revenue streams from various sources around the world providing resilience to regional issues.
The company said it has experienced a significant increase in product sales worldwide, more than offsetting reductions in other parts of the business.
"These uncertain times present both challenges and opportunities for Westminster, and over the next few months and years we have an opportunity to build on our current achievements and our year-on-year growth, with the potential for step changes in revenues from the many prospects we are pursuing. The board and I remain committed to delivering on this potential," said Chief Executive Peter Fowler.
Westminster Group shares were trading 2.9% lower in London on Friday at 8.74 pence each.
By Evelina Grecenko; [email protected]
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