Westminster Group narrows losses as revenues top expectations
By Iain Gilbert
Date: Thursday 15 Aug 2019
(Sharecast News) - Security specialist Westminster Group saw first-half revenues come in ahead of expectations, leading to a sharp reduction in interim losses.
Westminster also turned cash positive on an operational basis in the first six months of the year with its sales order intake unchanged from a year earlier at £3.9m.
The AIM-listed group's revenues soared 117% to £5.6m, driven by a 257% increase in its technology division's sales to £3.1m and a 47% hike in managed services sales to £2.5m.
Based on its current order book of £3.3m, Westminster expects full-year revenues will be "significantly ahead" of 2018.
Costs were cut 23% year-on-year, narrowing Westminster's underlying loss to £49,000 from the £402,000 posted a year earlier.
Pre-tax losses narrowed 34% to £787,000.
Chief executive Peter Fowler said: "In our 2018 Annual Report I was pleased to report that our business is now in a better position than it has been for some time in terms of management, structure, revenues and prospects and I am pleased to report that continues to be the case."
As of 1015 BST, Westminster shares had slipped 0.51% to 9.70p.
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