TIDMWSG
RNS Number : 9169C
Westminster Group PLC
24 June 2021
Westminster Group Plc
('Westminster', the 'Group' or the 'Company')
AGM Statement and Board Change
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 11am (BST) at the offices
of PKF Littlejohn LLP, 15 Westferry Circus, London, E14 4HD.
Ahead of the AGM Westminster's Chief Executive Officer, Peter
Fowler, has issued the following statement.
"In our 2020 Annual Report issued on 30 April 2020 I was pleased
to report that, despite the considerable challenges created by the
Covid-19 global pandemic, we kept all our people safe, maintained
our global operations, albeit some on reduced levels, and delivered
some notable successes. Our revenues held up well considering the
unprecedented challenges, largely due to the strength of our
multiple revenue stream business model and the early actions taken
by management.
"The global uncertainty and travel restrictions did of course
impact our business by delaying the signing and / or delivery of
certain projects, such as the Palace of Westminster contract we
secured in 2020 but which we were only able to commence operations
in April 2021. As noted in the Company's 30 April 2021
announcement, these disruptions and delays continued into 2021,
with travel restrictions still in place in many parts of the world,
resulting in further 'right-shifting' of certain expected contracts
and revenues, which have impacted H1 2021 financials. Despite this,
we are pleased to re-confirm that, with the expected easing of
restrictions, recently secured contracts and a strong pipeline, we
still believe we can meet full year expectations at the revenue and
PBT level.
"Notwithstanding these challenges and the continuing global
uncertainty, we remain excited about our future growth. We continue
to pursue the many large-scale project opportunities we are
developing around the world. There are encouraging signs that
travel restrictions may at last be beginning to ease in a number of
regions and that some of our delayed projects may once again begin
to move forward.
"In our 2020 Annual Report we stated one of our key goals for
2021 was to secure at least one more long-term managed services
contract and in that respect, I am delighted that, with an easing
of restrictions, we have not only been able to secure one, but two,
significant new long-term contract wins.
"In December 2020 we announced we were in the advanced stages of
securing a long-term contract for 5 airports in an African country.
We had been pursuing this opportunity since our acquisition of our
French business Euro Ops in 2019 and we expected to secure this
contract in 2020 but due to the various lockdowns and travel
restrictions in place things were delayed. I was delighted
therefore to be able to announce on 15 June that we had secured a
20-year manged services contract to provide security services to 5
airports in the Democratic Republic of the Congo ('DRC'), Central
Africa. This was a very significant achievement and not only means
we will now have an established presence in a new region of Africa
but also the project offers substantial growth opportunities.
"In addition, on 16 June I was delighted to announce that we had
been awarded another long-term managed service contract to provide
port screening services in West Africa. We had been pursuing and
developing this opportunity for over two years and it is another
important win for the Company that further extends our footprint
and profile in the port screening sector.
"Both of the important new contract wins above demonstrate, as
we have stated on a number of occasions, that large-scale projects
such as these do take time to develop and negotiate and equally
demonstrate that we have the skills and resources required to
successfully deliver on such opportunities. Together these two new
contracts alone will add, once fully operational, several
million-pound step changes to our annual revenues and together with
our other managed services and recurring revenue contracts,
underpin confidence in our future forecasts and growth.
"As previously advised, we have established Westminster Arabia
in the Kingdom of Saudi Arabia jointly with our partners Hazar
International but have been delayed from finalising licences due to
travel restrictions. I am pleased to report however that with some
easing of restrictions we are now preparing to re-enter the Kingdom
to finalise matters. This will be an important step in enabling us
to formally bid on the many medium and large-scale opportunities we
have been developing there.
"In the UK our contract with the Palace of Westminster has
commenced well and we are already looking at possible extensions to
this project.
"In addition to these important new contracts we are encouraged
in the recovery and growth of our existing operations.
"Our West African Airport managed services operation continues
to be ahead of our expectations (currently 62% of pre-COVID levels)
although we do not expect to see a full recovery to pre-Covid
levels until 2022. It is encouraging however that this operation is
recovering faster than the average African and European airport
traffic.
"Our port managed services operations in Ghana have not been
materially affected by Covid-19 and continue to perform well. With
a 4th berth due later in 2021, we expect to see further growth with
this important project.
"We continue to experience healthy enquiry levels and so far in
2021 have delivered products and services to over 40 countries
around the world and we are beginning to see encouraging signs of
recovery in our guarding and training businesses with recent new
contract awards.
"We continue to develop new opportunities and initiatives such
as our partnership with Certific in their new Covid testing
programme for which Westminster are providing verification
services. Whilst it remains too early to judge the potential scale
and impact of this initiative, we are encouraged by the increasing
interest Certific are receiving for their services including from
large scale event organisers.
"As previously announced on 28 May 2021 Mr Charles Cattaneo will
be leaving the Board today at the end of the Annual General
Meeting. It is a pity he could not be with us today in person but
on behalf of the Chairman and the rest of the Board I would like to
thank him for his support and service to the Company and we wish
him well for the future. We expect to update the market shortly on
his replacement.
"Also, as previously announced on 28 May 2021, our Non-Executive
Director, Mr Mawuli Ababio, was appointed as Deputy Chairman of the
Company. I am especially pleased to report that Mawuli was recently
honoured by being Knighted by the French Ambassador in Ghana, on
behalf of the President of France, Emmanuel Macron, at a ceremony
held at the Residence of France in Accra, Ghana, on 17 June 2021.
The ceremony was attended by a number of dignitaries including the
President of Ghana and at which Mawuli was presented with France's
2(nd) highest award, the French National Order of Merit. On behalf
of the Board and all at Westminster I would like to publicly
congratulate him on this well-deserved award.
"In the last few years, we have achieved a lot and it is
rewarding to see the quality of our services and our many
achievements being widely recognised. I am extremely proud that in
April 2021 Westminster were granted the Queen's Award for
Enterprise in recognition of outstanding achievement in
international trade. The award ceremony and Westminster's open day
will now take place at Westminster House on 3 September 2021. In
November 2020 the London Stock Exchange selected Westminster as one
of a 1,000 companies to inspire Britain and in May 2020 and again
in April 2021 the UK Civil Aviation Authority (CAA) graded our
aviation training business as 'Outstanding in all Areas'. These are
all important accolades for our business and a testament to the
skill and hard work of all our people."
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.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN
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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
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END
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