REG - Westminster Group - Change of ARD & Ghana Settlement Update

WestminsterAnnouncement

13/12/2023 07:15

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RNS Number : 5452W  Westminster Group PLC  13 December 2023

 

13 December 2023

 

Westminster Group Plc

("Westminster", the "Group" or the "Company")

 

Change of Accounting Reference Date

& Settlement of Scanport dispute

 

Westminster Group Plc (AIM: WSG), a leading supplier of managed services and
technology-based security solutions, announces that it will be changing its
accounting reference date and financial year end from 31 December to 30 June,
effective immediately.

 

The reason for the change of accounting reference date is to, inter alia,
better align the Group's reporting periods with the financial dynamics of the
long-term contracts signed within the managed services business over recent
times, along with targeted further growth in this particular division in early
2024, Accordingly, the Board believes that a 30 June year-end will be in the
best interest of the Group.

 

As a result of the change of year end, the Group's next three financial
reporting events will be as follows:

 

·      Publication of unaudited interim accounts for the 6 months to 31
December 2023 by 31 March 2024.

 

·      Publication of audited annual accounts for the 18 months to 30
June 2024 by 31 October 2024

 

·      Publication of unaudited interim accounts for the 6 months to 31
December 2024 by 31 March 2025

 

From then, annual and interim reports will be published each year for the 12
months to 30 June and 6 months to 31 December, respectively.

 

Settlement of Scanport dispute

The Company is pleased to announce that it has now received US$500,000,
representing around 12 months contributions, in full and final settlement of
its dispute with Scanport regarding the Ghana port operations. Whilst the
figure is less than the carrying figure in its accounts, the Company believes
the terms of the settlement are favourable and timely given the future
targeted growth anticipated in early 2024 in the Group's managed services
business as mentioned above.

 

 

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
 Paul Vann
 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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