REG - Westminster Group - AGM Statement and Change of Broker

WestminsterAnnouncement

18/12/2024 07:00

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RNS Number : 4601Q  Westminster Group PLC  18 December 2024

 

 

18 December 2024

 

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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 1(st) 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
 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

 Richard Johnson

 Zeus Capital Limited (Broker)                                020 3829 5000

 Louisa Waddell

 Simon Johnson

 Walbrook (Investor Relations)
 Tom Cooper                                                   020 7933 8780
 Joe Walker
 Nick Rome                                                    Westminster@walbrookpr.com (mailto: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, 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
(http://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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