{"id":108330,"title":"Westminster Group anticipates a record-breaking year as revenues make a comeback.","publisher":"Share Talk","author":"sharetalk","published":"2023-06-01T09:30:07+00:00","modified":"2023-06-01T09:30:07+00:00","canonical_url":"https://www.share-talk.com/westminster-group-anticipates-a-record-breaking-year-as-revenues-make-a-comeback/","markdown_url":"https://www.share-talk.com/westminster-group-anticipates-a-record-breaking-year-as-revenues-make-a-comeback.md","json_url":"https://www.share-talk.com/westminster-group-anticipates-a-record-breaking-year-as-revenues-make-a-comeback.json","category":"B2B","categories":["B2B","Business & Support Services","Technology","Technology, Media & Telecoms"],"tags":["airports","blue-chip","Central Africa","Democratic Republic of the Congo","Liberia","Monrovia Freeport","Peter Fowler","Ports","security solutions","Share Talk","Tracking","West Africa","Westminster Group","World Trade Organization","WSG"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2022/03/st-holder.jpg?fit=1536%2C1024&quality=89&ssl=1","format":"news","language":"en-GB","content":"**Westminster Group PLC (AIM: WSG)** has issued a promising forecast for a record-breaking year following a robust rebound in revenues from all its business segments in the past 12 months.\n\nPeter Fowler, the chief executive, confidently stated, “Basing our projections on our 2022 performance, we are optimistic that 2023 will bring record levels of revenue and profitability.”\n\nThe company witnessed a 35% surge in sales to £9.5 million for the year ending in December 2022, with technology revenue rising by 65% to £3.2 million, and services increasing by 23% to £6.3 million.\n\nThe security specialist reported record years for its aviation training and West African airport operation, while its guarding arm saw sales doubling.\n\nFowler added, “Besides achieving significant growth in our annual revenues, we successfully accomplished several significant projects last year. A noteworthy one was providing a comprehensive screening solution for the late Queen Elizabeth II’s funeral event in September 2022, which was an enormous privilege.”\n\nThe first quarter of 2023 has started off well, exceeding budget expectations, with £1.8 million worth of work already scheduled, Fowler reported.\n\nHe further emphasized the incoming Martyn’s Law legislation, requiring venues to implement adequate measures to protect the public from potential terrorist attacks, following the Manchester Arena bombing, as a promising prospect for Westminster. The Home Office approximates that about 650,000 businesses will be affected by this legislation.\n\nIn other news, Fowler shared some progress regarding a long-delayed new airport contract in the DRC and a West African port contract, where a land issue has been resolved, paving the way for the construction to commence.\n\nHe also pointed out the company’s continued efforts to build its pipeline of new large-scale opportunities, including some compelling, long-term prospects.\n\nIn terms of losses, the company significantly reduced its net losses to £11,000 in 2022 from £1.93 million in 2021."}