TIDMWSG

RNS Number : 0127C

Westminster Group PLC

16 June 2021

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')

Further New Contract Award

10 Year Managed Services Contract - Freeport of Monrovia, Liberia

Westminster Group Plc (AIM: WSG), a leading supplier of managed services and technology-based security solutions worldwide, is pleased to announce that it has been awarded a long-term managed service contract to exclusively provide port screening services at Monrovia Freeport (the "Port") in Liberia, West Africa.

Further to Liberia's accession to the World Trade Organization (WTO) and as part of a broader in-country policy of boosting trade and easing the export and import of goods, the Government of Liberia undertook an international competitive tender process in accordance with the provisions of the Liberian Public Procurement and Concessions Commission Act for the purpose of selecting a competent and experienced group to build capacity under a long-term Build-Operate-Transfer ("BOT") arrangement by investing in and upgrading various services at the Port.

Following a lengthy evaluation process, a contract was awarded to a consortium led by Medtech Scientific Ltd. from the United Arab Emirates, who in turn has entered into a contract with Westminster (the "Contract") to provide port screening services for an initial period of ten years, commencing 1 July 2021. The initial period may be extended by agreement of the parties.

The Contract, based on Westminster's proven BOT managed services model with revenues generated from all import containers passing through the Port, whether screened or not, is expected to generate around $1.1m in revenues in the first 12 months of operation. Under the Contract, Westminster will provide the screening systems, warehousing and infrastructure to undertake screening and intrusive search of selected import containers, maintain and operate the systems and provide comprehensive training services to customs and other staff throughout the term of the agreement.

The entire deployment phase of the project is expected to be completed within 18 months. Westminster will have a presence in country from 1 July 2021 organising set up and logistics and will begin manual inspections and screening services in September 2021.

Initial deployment expenses incurred pursuant to the Contract will be satisfied from existing resources, however as the Company noted yesterday, with a pipeline of multiple other potential contracts, the Company continues to monitor funding requirements and options to ensure it has adequate financing in place to deal with the anticipated expansion of services.

Commenting on the contract award, Westminster CEO, Peter Fowler, said:

"Following our announcement yesterday of a 20+ year multi-million USD managed services contract for airport security, I am delighted to be able to announce yet another long-term port security managed services contract, particularly in West Africa where we already have a strong presence, and I am equally pleased this new contract opens up another new country for our operations.

"I know the Liberian authorities are very keen on capacity building, education and skills enhancement and I believe the services we offer, not just our technical expertise but our training and support services together with our community support programmes via the Westminster Group Foundation, will greatly benefit the country.

"This latest new contract win further demonstrates Westminster's global reach and our ability to secure business in new territories and is a testament to the hard work and dedication of our business development teams around the world who have been working hard through the challenging conditions and travel restrictions created by the global pandemic. This particular contract is as a result of more than two years activities.

"A key goal we had set for the Company in 2021 was to secure at least one more large-scale managed services contract and so to have now secured two such contracts in two days is most encouraging."

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 
 
 Arden Partners plc (Broker) 
 Richard Johnson (Corporate) 
 Tim Dainton/Simon Johnson (Broking)             020 7614 5900 
 
Walbrook (Investor Relations) 
Tom Cooper                                     020 7933 8780 
Paul Vann 
Nick Rome                                      Westminster@walbrookpr.com 
 

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 (including Fever 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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