Westminster Group PLC Coronavirus Update (5348G)
18 Marzo 2020 - 01:00AM
UK Regulatory
TIDMWSG
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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