Banbury-based security firm Westminster Group makes 'healthy' start to 2024

Westminster Group, the Banbury-based security company, told investors it had made a "healthy start" to 2024 despite a backdrop of global uncertainty and economic challenges.

Reporting results for the half year to end-December, 2023, the company said it had delivered products and services to 33 countries globally, made progress with managed services opportunities, and expanded its guarding business.

READ MORE: Banbury's Westminster Group reports 13% revenue rise

Revenues had fallen in the second half period largely due to the economic climate, which had delayed some capital-intensive orders, it noted, but added that it had posted a near break-even result for ongoing operations with an earnings before interest, tax , depreciation and amortisation (EBITDA) profit of £44,000.

"Our business development activities made significant progress in the period which, whilst not benefitting the period in question, will have a material impact in the current year," said CEO Peter Fowler in a stock market statement.

"A key development being progress on the long-awaited ratification process, currently being completed, being the final part of the formal procurement procedure for the 10+ year contract signed in June 2021 for security services to 5 airports in the Democratic Republic of the Congo ('DRC'), Central Africa."

He added: "We started 2024 with an order book of £1.1m and recurring revenues of £3.7m which provide a healthy start for the year.

"With DRC expected to come on stream and other potential projects in the pipeline we believe the months and year ahead will be transformative for the group."

In the second half of 2023, the continuing business EBITDA profit came in at £44,000 compared to a loss of £117,000 in the first half and a profit of £340,000 in H2, 2022.

Group revenues for the six months was £2.9 million (H1 2023: £3.5 million; H2 2022: £5.6 million).
Fowler said: "We continue to battle against probably one of the worst world economic and political backgrounds in recent times.

"I am pleased to report therefore that, despite the global uncertainty and economic challenges, our underlying business continues perform largely to expectations although revenues fell in this six-month period to £2.9m largely due to the economic climate delaying some capital-intensive orders.

"However, due to a cost cutting programme and careful resource management we have delivered a near break-even result for ongoing operations with an EBITDA profit of £44k."

Westminster Group operates via an international network of agents and offices in over 50 countries.

Its main activity is the design, supply and ongoing support of security solutions, which encompass 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 facilities