Oxfordshire's Westminster Group revenues grow as security firm reaches break even point
Security systems provider Westminster Group has announced a surge in revenues that it has taken it to break even point.
The company saw revenues rise by 35 per cent when year on year compared to 2021 after securing a number of high profile contracts around the globe.
The Banbury firm saw a 99 per cent decrease in loss after tax to an effective break-even position £0.0 compared to 2021 where it suffered a loss of £1.9m.
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The company highlighted the securing of a contract to protect a West African Parliament building amongst its highlights alongside providing mass screening services to theatre and high profile buildings around the UK.
Westminster Group has also won a three year contract to provide aviation support services to the UN in Mali and a $1.7m airport security contract in South East Africa.
Peter Fowler, Chief Executive said: "I am pleased to report that, despite the challenges from the tail end of the Covid pandemic, the impact of the Ukraine conflict and the ensuing global economic turmoil, we still delivered a 35% increase in revenues to £9.5m (2021: £7.1m) and achieved an effective break-even position with a 99% improvement in losses to £0.0m (2021: loss £1.9m), demonstrating the recovery underway and that we are heading back to a growth trajectory.
"I am also pleased to report that all areas of our business delivered growth in the year. Our Technology Division delivered a 65% increase in revenues to £3.2m (2021: £2.0m) showing strong recovery from the pandemic challenges, whilst our Services Division delivered a 23% increase in revenues to £6.3m (2021: £5.1m) underpinning our growing recurring revenue businesses."
The company will hold a presentation of the results on June 8.
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