27th Sep 2013 09:09
LONDON (Alliance News) - Westminster Group PLC Friday posted widened pretax losses as revenues stayed flat and administration expenses grew following its reorganisation into two internationally-focused businesses in the half year ended June 30.
The security and defence equipment company posted revenues of GBP4.7 million, remaining roughly flat from the previous year. It saw its pretax loss widened to GBP725,000 from GBP328,000. Administrative expenses increased to GBP2.7 million from GBP1.8 million in the previous year, increased by run off costs from closed training premises and GBP43,000 in administration costs from disposed operations.
Financing costs were reduced when the company renegotiated its load with Synergy Capital, and although management fees of GBP11,000 were incurred in the half-year, these negotiations were offset against the GBP1.0 million capital balance outstanding which had positively effected its finance charge.
The company reorganised into two businesses in March; Managed Services and Technology. It said that its Managed Services Division was performing strongly, and its Technology Division was in discussions with a number of sizeable projects for it.
"We have disposed of the non-core and lossmaking UK business and resolved legacy issues such as the Synergy loan note," said Chief Executive, Peter Fowler, in a statement. "This focus has led to record levels of interest, particularly in our Managed Services division, which is aligned with aviation security."
The group's share price was down 4.06% to 65.00 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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