News blog
Westminster Group
- BY: Andrew Hore |
- POSTED: 26/04/2009 |
Westminster Group moved into profit in 2008.
The security, defence, fire and safety products and systems supplier nearly doubled its revenues to £5.48m in 2008. The new office in Dubai added £350,000 to costs although these cost increases were partly offset by a foreign exchange gain - most of the revenues are in dollars or Euros. A loss of £424,000 in 2007 was turned into a profit of £201,000.
Business is building up its business in the Middle East. That includes a €2m order for protection for the Nagaa Hammadi dam on the river Nile. There is also a lot of potential business in India, Pakistan and Bangladesh. Westminster is supplying 21 armoured personnel vehicles for the police force in Bangladesh.
The contracted order book is worth £4.2m.
There is cash in the bank of £588,000 even though the Southern Sudan government still owed $2.3m at the end of 2008. This should all be paid before the end of the half year. Westminster needs cash in the balance sheet because some contracts with governments require cash bonds.
Personal protection business Longmoor was bought after the year end. Further acquisitions could be made to add to the range of services offered by the group.
At 44p a share, up 4p on the results, Westminster is valued at £6.56m.
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