18 December 2024
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
Westminster Group Plc
('Westminster', the 'Group' or the
'Company')
AGM Statement and Change of
Broker
Westminster Group Plc (AIM: WSG), a
leading supplier of managed services and technology-based security
solutions worldwide, will hold its Annual General Meeting
today at 10am at Westminster House,
Blacklocks Hill, Banbury, OX17 2BS.
Ahead of the AGM Westminster's Chief Executive Officer, Peter
Fowler, has issued the following statement.
In our 2024 Annual Report issued on
06 November 2024 I reported that we continued to battle against one
of the worst world economic and political backgrounds of recent
times. Since then, we have seen further instability in the Middle
East and a less than helpful budget in the UK.
Not-with-standing this, the outlook
for our business remains encouraging. As mentioned in our recent
Annual Report we have built a solid foundation for our business,
and that we will enter 2025 with greatly increased revenues from
contracts already secured.
Our work on the DRC contract
continues to progress and we anticipate we will complete the
transition phase and commence formal operations in Q1 2025,
bringing 5 more airports into our portfolio and a significant
increase in our ongoing recurring revenue stream.
We continue to process important new
long-term opportunities including another near-term prospect for
potentially several more airports which, if secured, would further
increase the scale and geographical spread of our aviation
business.
We are focussed on building a
resilient business based on multiple revenue streams, many of which
are from long-term recurring revenue contracts, from multiple
customers, in multiple jurisdictions, which is and will continue to
be a key growing strength of our business.
Our reputation grows with each new
contract secured and in October 2024 we were honoured to receive
the prestigious award of Best Global Aviation Security Provider
2024 during the London Political Summit & Awards held in the UK
Parliament, in recognition of the contribution to aviation security
Westminster is making around the world, through the supply of
equipment, training and long-term managed services.
Our guarding business is going from
strength to strength, particularly where we can offer enhanced
services with technology and training. In this respect we were also
pleased to announce in October that we had secured a contract to
provide security concierge services across a number of prominent
sites in the United Kingdom adding a further £650,000 to
Westminster's annual recurring revenue stream. We also stated that
additionally we were in discussions regarding security solutions
for some of this customer's sites elsewhere in the world, which we
hoped would result in additional contracts. I am pleased to report
further business has already been secured.
Such contracts underscore our
commitment to delivering high-quality, customer-focused security
and support solutions to governments and 'Blue Chip' organisations
around the world, a further example of which is a recent contract,
secured in November, to provide comprehensive X-ray maintenance and
training services with a leading global financial leader and only
last week announced a contract to provide cellular detection
systems in European Prisons.
We are also pleased to see the
Martyn's Law legislation has just passed its third reading in
Parliament and that it has now progressed to the House of
Lords marking a pivotal step toward its
enactment. As we have previously stated we believe Martyn's Law
offers numerous opportunities for our business. As a global leader
in security solutions, Westminster Group Plc stands ready to assist
venues and businesses in meeting these new legal
obligations.
We have also been encouraged by the
results of the recent elections in Ghana and we believe this may
deliver renewed business opportunities for Westminster.
We have a current order book of over
£1.3 million in addition to annual recurring revenues of circa
£14.4m (including DRC estimates) with the potential to materially
increase this through additional contracts in the year
ahead.
Whilst we remain mindful that global
events can still impact business outlook and the outcome or timing
of potential projects is never certain, the achievements we are
making and the contracts we are securing, underpin our confidence
for the future long-term growth and success of our
business.
Change of Broker:
As part of the Company's ongoing
strategic review Westminster announces it has appointed Strand
Hanson Limited, who already act as the Company's NOMAD, to also act
as the Company's Broker effective as of 1st January
2025. The directors wish to thank its current Brokers, Zeus
formerly Arden & Partners, for their support and advice over
the past few years.
Strand Hanson is one of London's
foremost independent merchant banks with a global reach and
experience, particularly in emerging markets, including Africa, the
Middle East, South America and Asia.
For further information please
contact:
Westminster Group Plc
|
Media enquiries via Walbrook
PR
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Rt. Hon. Sir Tony Baldry -
Chairman
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Peter Fowler - Chief Executive
Officer
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Mark Hughes - Chief Financial
Officer
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|
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Strand Hanson Limited (Financial & Nominated
Adviser)
|
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James Harris
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020 7409 3494
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Ritchie Balmer
Richard Johnson
Zeus
Capital Limited (Broker)
Louisa Waddell
Simon Johnson
|
020 3829 5000
|
|
|
Walbrook (Investor Relations)
|
|
Tom Cooper
|
020 7933 8780
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Joe Walker
|
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Nick Rome
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Westminster@walbrookpr.com
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|
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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.