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Airports project delay hits revenue and profits at Westminster Group

The Business Magazine article image for: Airports project delay hits revenue and profits at Westminster Group
2 November 2022
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Revenues and profits have taken a tumble at Banbury-based Westminster Group, a leading supplier of managed services and technology-based security solutions worldwide, after a multimillion-pound technology project in the Middle East and North Africa region was delayed.

The company announced yesterday (Tuesday) that revenue for the year is expected to be about a third below market forecasts, with a pretax loss equivalent to around half of that reported for 2021.

The firm said progress has been made regarding the contract for five airports in the Democratic Republic of the Congo, and this was still expected to be ratified this year.

The group added high points for the year were the recovery of traffic at its West African airport contract to pre-pandemic levels with the highest revenue levels since it was awarded in 2012.

In the UK the company has secured two new contract wins: one for an iconic UK building and another for a theatre and exhibition complex in Northern England.

The firm also delivered security services at Her Majesty the Queen's funeral having been contracted to be on standby and having rehearsed to provide specific equipment and services during recent years, it revealed.

"Despite global economic and political pressures, we continue to have healthy levels of enquiries, a large bank of opportunities and over the course of the year have provided goods and services to numerous countries around the world," the group told investors.

Shares tumbled 25 per cent on the announcement.


Peter Davison is deputy editor of The Business Magazine. He has spent his life in journalism – doing work experience in newsrooms in and around Bristol while still at school, and landing his first job on a local newspaper aged 19. By 28 he was the youngest newspaper editor in the country.

An early advocate of online news, he spent the first years of the 2000s telling his bosses that the internet posed both the biggest opportunity and greatest threat to the newspaper industry and the art of journalism. He was right on both counts.

Since 2006 he has enjoyed a career as a freelance journalist. He lives in rural Wiltshire with one wife, two children, and three cats.

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