News blog
Westminster Group
- BY: Andrew Hore |
- POSTED: 16/12/2010 |
Security systems and products supplier Westminster Group says that its second half figures will be materially below market expectations and it will make an operating loss of £2m in 2010.
Revenues were flat at £2.35m in the first half and they will be a similar amount in the second half. The second half is normally stronger but delays in public spending have held back revenues.
In November, Westminster said it had been given a $2.72m extension to itscontract with the Government of Southern Sudan for security infrastructure and systems at Juba International Airport. After a number of delays the initial contract and the extension should be completed in the third quarter of 2011.
Westminster says it has enough cash to keep it going for 12 months. Costs will be cut to ensure that the company has enough headroom even if further large contracts are not signed.
At 16.75p a share, down 2.25p on the day, Westminster is valued at £4.06m. The share price has halved in the past year.
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