Board Changes and Cost Optimisation Progress

Westminster Group PLC

22 June 2023

 

 

22 June 2023

Westminster Group Plc

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

Board Changes and Cost Optimisation Progress

Westminster Group Plc (AIM: WSG), a leading supplier of managed services and technology-based security solutions, announces the following board changes.

After several years' valuable service, Mr Mawuli Ababio will be stepping down from his role as Non-Executive Director at the conclusion of the Company's AGM on Wednesday 28 June 2023, in order spend more time on his other commitments. His will, however, remain available to advise the Company as part of Westminster's International Advisory Board, which he served on prior to joining the Board.

Also, at the conclusion of the AGM, the Company's Chairman, the Rt Hon. Sir Tony Baldry, will move from the position of Executive Chairman to Non-Executive Chairman.

The above changes will provide a balanced Board with three Executives and three Non-Executives and is in line with best corporate governance practices.

As noted in the Company's 2022 Annual Results, we achieved a greatly improved position and the Company is pleased to report it is now implementing cost optimisation measures to better streamline the business, with a view to improve profitability whilst maintaining maximum future growth potential.

Commenting on the changes, Westminster's Chairman, Rt Hon Sir Tony Baldry, said:

"I would like to express my and the Board's appreciation for Mawuli's dedication and hard work over the past few years. He has made a positive contribution to the Group and is a valued board member. I am delighted therefore that he will remain with us as part of our Advisory Board.

"Equally I am happy to assume the role of Non-Executive Chairman as part of our cost optimisation programme, and in line with best corporate governance practices, and look forward to continuing to assist Westminster in delivering on its exciting growth potential."

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 Richard Johnson Zeus Capital Limited (Broker)   Louisa Waddell Simon Johnson	020 3829 5000
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, 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 (NGO's) 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.

 

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