Central African Republic and Trading Statement

RNS Number : 8926S

Westminster Group PLC

19 November 2021

 

Westminster Group Plc

('Westminster', the 'Group' or the 'Company')

Central African Republic

and

Trading Statement

Westminster, the specialist security and services group, notes recent press speculation with regards to a potential airport contract in the Central African Republic, and also provides the following trading statement.

Central African Republic (CAR)

In the normal course of business, we do not comment on contracts until they have been signed.  However, the Company confirms that it is in discussions relating to a managed services contract, although there is no certainty as to whether these will result in a contract or to the timing thereof.

Further announcements will be made in due course, as required.

Trading Statement

The Company had anticipated securing and commencing the contract referred to above, and select other contracts, including its managed services contract for 5 airports in the Democratic Republic of Congo ("DRC"), earlier this year. However, as cautioned in the Company's interim results statement released on 13 August 2021, the impact of, inter alia, ongoing COVID-19 related travel restrictions, a delay in ratification of the DRC contract, and ongoing general business caution across the Company's targeted jurisdictions, have delayed certain anticipated contract awards and/or associated revenue generation. Consequently, the Company now expects H2 2021 revenue to be marginally ahead of H1 2021 and H2 2021 loss before tax to be broadly similar to H1 2021.

In addition to the above mentioned CAR contract the Company notes that it is in advanced discussions on several sizeable potential contract awards that could positively impact this year's expected outturn, although it is more likely that these will slip into 2022.

Our existing business continues to improve with the ongoing recovery in aviation. This, and the new contracts which are expected to come on stream in 2022, gives us confidence in current market forecasts for 2022 and beyond.

Commenting, Westminster CEO, Peter Fowler, said:

"We continue to work on numerous opportunities around the world to follow on from the 20-year contract for airport security for 5 airports in the Democratic Republic of Congo (DRC) signed in June 2021, which is currently undergoing the final stages of the ratification process. This has taken longer than anticipated, partly due to discussions regarding a significant expansion of scope.

"In this respect I am particularly pleased to have entered into a strategic co-operation agreement with the Africa Union Financial Services DRC who are a large multi services organisation with numerous large-scale investment and security projects, including managing the security screening and traffic operations at DRC's ports and borders. I believe the complementary skills and services of our two groups will deliver significant joint opportunities.

"We are pleased that these contracts will underpin the strong expectations in 2022."

For further information please contact:

Westminster Group Plc	Media enquiries via Walbrook PR
Rt. Hon. Sir Tony Baldry - Chairman
Peter Fowler - Chief Executive Officer
Mark Hughes - Chief Financial Officer
Strand Hanson Limited (Financial & Nominated Adviser)
James Harris	020 7409 3494
Ritchie Balmer Arden Partners plc (Broker)  Richard Johnson (Corporate) Tim Dainton/Simon Johnson (Broking)	020 7614 5900
Walbrook (Investor Relations)
Tom Cooper	020 7933 8780
Paul Vann
Nick Rome	[e-mail]

Notes:

Westminster Group plc is a specialist security and services group operating worldwide via an extensive international network of agents and offices in over 50 countries.

Westminster's principal activity is the design, supply and ongoing support of advanced technology security solutions, encompassing a wide range of surveillance, detection (including Fever Detection), tracking and interception technologies and the provision of long-term managed services contracts such as the management and running of complete security services and solutions in airports, ports and other such facilities together with the provision of manpower, consultancy and training services. The majority of its customer base, by value, comprises governments and government agencies, non-governmental organisations (NGOs) and blue-chip commercial organisations.

The Westminster Group Foundation is part of the Group's Corporate Social Responsibility activities. www.wg-foundation.org  

The Foundation's goal is to support the communities in which the Group operates by working with local partners and other established charities to provide goods or services for the relief of poverty and the advancement of education and healthcare particularly in the developing world.

The Westminster Group Foundation is a Charitable Incorporated Organisation, CIO, registered with the Charities Commission number 1158653.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR") WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

 

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