Banbury-based international security business reports record results
Westminster Group Plc, a leading supplier of managed services and technology-based security across the world has announced that 2019 was a record year.
TheGroup expects to report, subject to audit, around a 63 per cent year on year increase in revenues to circa £10.9 million, an increase of £4.2 million on the £6.7 million reported in 2018. This is the fifth year of double-digit percentage revenue growth.
The company's trading statement said that it continues to invest in our worldwide business development programmes, particularly in its long-term major managed services projects. Operating in frontier markets is time consuming, complex and costly but the potential rewards are substantial. Despite the cost of business development, the set up costs for its Ghana project and the costs associated with setting up o various strategic alliances and joint ventures in Saudi Arabia, Bahrain and Tunisia etc., Westminster expects to report a greatly improved EBITDA performance for the full year as compared with 2018 which was a £0.38 million EBITDA loss.
The company reported that both its Managed Services and Technology divisions performed well during the year.
In May 2019, the company announced it had acquired Euro Ops, a French based aviation security and support services company which, through its sister company, Euro Ops International (also trading as ICare), provides aviation support services such as Airport Security, Aircrew Management, Humanitarian Logistics, Operations & Dispatch, Ground Handling etc.
The company said: "Our new French operation joins our existing German subsidiary, which is also developing a number of sizeable business opportunities, in providing us with a European footprint. Whilst Westminster is not likely to be materially affected by Brexit, having European operating companies will be beneficial."
In June formed a 50.1% Group owned joint venture subsidiary, registered in Saudi Arabia, under the name Westminster Arabia. with JV partners Hazar International. An experienced business development team is now in place within the country and is already involved in several large-scale project opportunities in the Kingdom. One of several projects already being pursued in the Kingdom is Saudi ports. The business opportunities for Westminster's products and services within Saudi Arabia are substantial and the formation of Westminster Arabia represents an important strategic development for the Group.
The company's training business also continues to grow with the opening of the training centre in the UK in 2019.
