Change of ARD & Ghana Settlement Update

Westminster Group PLC

13 December 2023

 

 

13 December 2023

Westminster Group Plc

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

Change of Accounting Reference Date 

& Settlement of Scanport dispute

Westminster Group Plc (AIM: WSG), a leading supplier of managed services and technology-based security solutions, announces that it will be changing its accounting reference date and financial year end from 31 December to 30 June, effective immediately.

The reason for the change of accounting reference date is to, inter alia, better align the Group's reporting periods with the financial dynamics of the long-term contracts signed within the managed services business over recent times, along with targeted further growth in this particular division in early 2024, Accordingly, the Board believes that a 30 June year-end will be in the best interest of the Group.

As a result of the change of year end, the Group's next three financial reporting events will be as follows:

·      Publication of unaudited interim accounts for the 6 months to 31 December 2023 by 31 March 2024.

·      Publication of audited annual accounts for the 18 months to 30 June 2024 by 31 October 2024

·      Publication of unaudited interim accounts for the 6 months to 31 December 2024 by 31 March 2025

From then, annual and interim reports will be published each year for the 12 months to 30 June and 6 months to 31 December, respectively.

Settlement of Scanport dispute

The Company is pleased to announce that it has now received US$500,000, representing around 12 months contributions, in full and final settlement of its dispute with Scanport regarding the Ghana port operations. Whilst the figure is less than the carrying figure in its accounts, the Company believes the terms of the settlement are favourable and timely given the future targeted growth anticipated in early 2024 in the Group's managed services business as mentioned above.

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.

 

END