UK's Westminster Group sinks to all-time low on FY outlook cut

Westminster

01/11/2022 08:25

** Shares of tech-based security solutions supplier
Westminster Group  WSG.L  down as much as 31.5% at 1.3p
    ** Stock set to record its lowest levels ever if losses hold
    ** Co says its 2022 revenue outturn will be about third
below market views; sees to deliver loss before tax equivalent
to about half of that reported in 2021 
    ** WSG reported loss before tax of 1.9 mln stg ($2.19
million) in 2021
    ** Co hurt by delay of a multi-million-pound technology
project contract; continues to expect contract to be awarded by
this year 
    ** WSG also says its West African Airport ops not recovered
to pre-pandemic levels, but sees 2022 to be the highest revenue
levels since start of its operations
    ** Co also said the relationship between its local partners
in Ghana regarding its Ghana port operations remain strained,
and discussions are ongoing
    ** As per last close, stock down 38.7% YTD
($1 = 0.8666 pounds)
 (Reporting by Sinchita Mitra in Bengaluru)
 ((Sinchita.mitra@thomsonreuters.com))