Westminster Group PLC
14 January 2008
14th December 2007
Westminster Group Plc:
Trading update
Westminster Group Plc ('Westminster' or 'the Group'), the AIM listed supplier of
system solutions and products to the security, defence, fire protection and
safety markets worldwide, announces the following trading update.
Since the interim results announcement last September, trading has been
encouraging. Orders received in the second half of 2007 provide a secured order
book going into 2008 of circa £1.6m. Notable contracts recently won include
£750k worth of contracts awarded to one of the Group's UK based subsidiaries
RMS. RMS specialises in the design and installation of low voltage fire
protection, security and satellite services, typically in high rise buildings.
However, a number of other contracts which were expected to be secured during
the second half remain under negotiation and are now expected to fall into 2008.
As a consequence of these deferrals, the Group's full year results will not now
meet market expectations. The Board is confident that these contracts will be
secured shortly and that the Group will be able to announce these wins to the
market.
Commenting on current trading, Peter Fowler, Chief Executive, said:
'Notwithstanding the delays to a number of contracts highlighted above, the
Board is pleased with the current run rate of orders won by the Group. The
spread of contracts won across the subsidiaries and the territories demonstrates
a good balance to the business. The Board believes that the sales and marketing
infrastructure that has been put in place during the second half of 2007 will
contribute significantly in the forthcoming year. We have appointed new agents
in Indonesia, Malaysia, Columbia and Francophone Africa; opened a new Middle
East sales office in Dubai; launched our new multi-lingual Group website; begun
work on developing the Group headquarters and have extended the test grounds and
demonstration facilities.
We are currently reviewing a number of acquisition opportunities which will
complement the existing business mix and will accelerate our growth which has,
to date, been exclusively organic.
To support the enlarged business, we are pleased to announce the appointment of
The Hon. Sir Michael Pakenham KBE CMG to the board of the Westminster Group from
1st February 2008. His contribution will be invaluable.'
Enquiries:
Peter Fowler 01295 756 300
Chief Executive - Westminster Group Plc
Clive Carver 020 7600 1658
JM Finn & Co
Tom Cooper/Paul Vann 0117 920 0092
Winningtons Financial
Notes:
Westminster Group plc is a leader in the supply of system solutions and products
to the security, defence, fire protection and safety markets worldwide. It was
admitted to the Alternative Investment Market of the London Stock Exchange in
June 2007 at which time it raised approximately £2.5million net of expenses by
way of a Placing of 4,537,336 new Ordinary Shares at 67.5pence per share through
J M Finn & Co Ltd, the Company's nominated adviser and broker. Its market value
at flotation was £10million.
Westminster's principal activity is the design, supply and ongoing support of
advanced technology security solutions. These can range from product only
assignments, such as the supply of specialised scanners, to the design and
implementation of an integrated system solution such as a border detection and
surveillance system. The majority of its customer base, by value, comprises
governments and government agencies, non governmental organisations and blue
chip commercial organisations
This information is provided by RNS
The company news service from the London Stock Exchange
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