Westminster Group PLC Change of release date of Annual Report & Accounts (3672L)
29 Abril 2020 - 9:01AM
UK Regulatory
TIDMWSG
RNS Number : 3672L
Westminster Group PLC
29 April 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')
Annual Report and Accounts - Change of Release Date
Westminster Group Plc (AIM: WSG), a leading supplier of managed
services and technology-based security solutions worldwide, wishes
to advise shareholders that, due to the disruption caused by the
COVID-19 pandemic, the release of its Annual Report and Accounts,
due on 30 April 2020, has been delayed by two weeks and are now
expected to be released on Thursday 14 May 2020.
The Group has finalised its Annual Report and Accounts and the
Group's auditors have largely completed their audit works but due
to the disruptions to working practices caused by the COVID-19
pandemic, including social distancing and home working, it has not
been possible to finalise matters. Westminster has therefore
decided to delay the release of its Annual Report and Accounts for
a period of two weeks in order to give its auditors time to
complete their processes.
The Group now expects to issue its Annual Report and Accounts on
14 May 2020, which will show revenues of GBP10.9m an increase of
63% on 2018 and will be EBITDA positive (2018: GBP0.35m EBITDA
restated loss on a consistent basis). The Group cash position as of
29 April 2020 is GBP1.6m and it has also significantly increased
its investment in its stock of fever screening and associated
equipment.
Commenting on the delay Westminster's CEO, Peter Fowler,
said:
"It is disappointing that we have had to make this short delay
to the announcement of our Annual Report and Accounts, particularly
as the Group were on track to report some 3 weeks earlier than
normal in prior years, however COVID-19 is creating challenges for
many companies and we do appreciate the efforts our auditors have
made in difficult circumstances to meet our deadlines.
"As previously reported we are fortunate in that our business
model is built on multiple revenue streams from various activities
around the world and whilst parts of our business including our
airport security and training operations are adversely affected,
other areas of the business are largely unaffected and it is
encouraging to see that our Ghana operations continue to generate
revenues in line with budget and that the lockdown in the country,
which is now over, had little impact on our business. As previously
announced our product sales, particularly of fever screening and
safety equipment, are flourishing.
"Overall, despite the disruption from COVID-19 our business has
performed well and been profitable in Q1 with revenues of over
GBP4.2m. We continue to receive a high volume of enquiries from
around the world particularly around our fever screening and safety
solutions, including some major blue-chip clients. We believe fever
screening solutions will now be a standard requirement for airports
and many commercial and governmental organisations.
"We continue to monitor the situation carefully and to look for
new opportunities to expand our online sales opportunities. Our
overriding priority however continues to be the safety and
wellbeing of our people 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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END
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April 29, 2020 10:01 ET (14:01 GMT)
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