Westminster Group PLC Contracts Update (3576L)
December 24 2018 - 1:00AM
UK Regulatory
TIDMWSG
RNS Number : 3576L
Westminster Group PLC
24 December 2018
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014
Westminster Group Plc
('Westminster', the 'Group' or the 'Company')
Contracts Update
Westminster Group Plc (AIM: WSG), a leading supplier of managed
services and technology-based security solutions worldwide, is
pleased to provide an update on contracts.
Managed Services Division
The large scale, long term security contract for one of 60
airports in Iran, which was signed in May 2018, but which had to be
put on hold following the US unilateral withdrawal from the Joint
Comprehensive Plan of Action (JCPOA), remains a key focus for the
Company. We continue to work closely with our Iranian client and
are pleased to report that the majority of issues and challenges
created by the US actions have now been addressed. The European
Union is hoping to have its Special Purpose Vehicle (SPV), to
assist with Iranian trade transactions, in place early in the new
year. Both parties remain committed to the project and despite the
challenges continue to work towards commencing the project at the
earliest opportunity.
In our Interim Report in September we announced that we
continued to work towards signing at least one further long-term
Managed Services contract this year although, as always, there is
never certainty as to timing or outcome in these matters. In this
respect our Chairman, Sir Tony Baldry, and CEO Peter Fowler, have
recently returned from Africa having progressed discussions on one
of our long-term airport security project opportunities. Contracts
have been drafted and we anticipate providing a further update in
the new year.
Technology Division
In March 2018 we announced a $4.5m USD contract award to provide
several advanced vehicle screening solutions to a high security
facility within the Middle East, which we expected to be largely
completed by the year end. We are pleased to announce this remains
the case with just $224k of commissioning works outstanding at year
end, which will be undertaken in the new year.
The Company will be announcing a trading update and notice of
results in late January 2019.
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 0797 122 1972
tom.cooper@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.
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END
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