REG - Westminster Group - Coronavirus Update

WestminsterAnnouncement

18/03/2020 07:01

RNS Number : 5348G
  
Westminster Group PLC
  
18 March 2020
  
 

 
 
18 March 2020
 
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR"). 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')
Coronavirus Update
 
 
Westminster Group Plc (AIM: WSG), a leading supplier of managed services and technology-based security solutions worldwide, wishes to provide an update on the current effects of Coronavirus on the business.
 
Whilst our West African airport operations have been seeing record passenger number over the past few months, the announcements this week that governments in many parts of the world are restricting and cancelling flights in response to the Coronavirus (COVID-19) pandemic, will have an inevitable impact on our revenues from this part of our operations. 
 
We are fortunate however that our business model is built on having multiple revenue streams from multiple operations and our airport managed services operations are just one element of our overall revenue profile. On 16 March 2020 we announced that our sales of fever detection and associated equipment in the last few weeks had generated sales of approximately $720,000 USD and in the last 48 hours this is now approaching $1 million USD. In addition, other areas of our business, including our port operations in Ghana, continue to deliver healthy revenues which are so far unaffected by the COVID-19 crisis and are trading in line with expectations. 
 
We believe therefore that our business model puts us in a stronger position than many companies being affected by this crisis and we expect our increase in product sales due to the COVID-19 crisis to offset any potential reduction in revenues from our aviation security business. 
 
An overriding priority of course is to keep our people safe and to continue to provide a valuable service to our customers.
 
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


















S. P. Angel Corporate Finance LLP (NOMAD & Broker)








Stuart Gledhill


020 3470 0470




Caroline Rowe


















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.
 


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