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.
Peter 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.”
The 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.
The security specialist reported record years for its aviation training and West African airport operation, while its guarding arm saw sales doubling.
Fowler 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.”
The first quarter of 2023 has started off well, exceeding budget expectations, with £1.8 million worth of work already scheduled, Fowler reported.
He 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.
In 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.
He also pointed out the company’s continued efforts to build its pipeline of new large-scale opportunities, including some compelling, long-term prospects.
In terms of losses, the company significantly reduced its net losses to £11,000 in 2022 from £1.93 million in 2021.
