Westminster Group confident despite tougher economic conditions
By Josh White
Date: Wednesday 18 Dec 2024
(Sharecast News) - Security solutions provider Westminster Group reported a positive outlook and ongoing progress across its operations in an update on Wednesday.
The AIM-traded firm, which was holding its annual general meeting, said that despite challenging economic and political conditions, it was seeing substantial revenue growth from secured contracts alongside a robust pipeline of opportunities.
It said it expected formal operations for its Democratic Republic of Congo (DRC) contract to start in the first quarter of 2025, adding five airports to its portfolio and significantly increasing recurring revenue.
The company said it was also pursuing additional airport contracts, which could further expand its aviation business.
Recent successes included a £0.65m annual recurring revenue contract for UK security concierge services and follow-on business with the same client.
Additional contracts were secured for x-ray maintenance, training with a global financial leader, and cellular detection systems for European prisons.
Westminster said its guarding business was also strengthening, bolstered by enhanced technology and training services.
The company emphasised its readiness to support compliance with Martyn's Law, which recently advanced in UK Parliament.
Westminster said it saw the legislation as a strategic growth opportunity in security solutions for venues and businesses.
With an order book exceeding £1.3m and annual recurring revenues of approximately £14.4m, including projections for the DRC, Westminster was optimistic about its long-term growth.
Separately, Westminster announced it would appoint Strand Hanson as its broker from 1 January, consolidating its nominated adviser and brokerage services.
Reporting by Josh White for Sharecast.com.
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