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Westminster files succesive annual loss but entered year debt free
StockMarketWire.com
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Technology-based security solutions firm Westminster has reported a loss after tax of £0.7 million.
However, it is an improvement on 2019s loss of £1.3 million.
The group reported a strong and profitable first-half performance, delivering a 24% increase over the first half of 2019, although the second half of 2020 was more challenging due to travel restrictions.
Travel restrictions and airport closures materially affected airport managed services, training and guarding business but was offset by growth in product sales and port services.
Peter Fowler, chief executive, welcomed the news that the group entered the year debt-free, other than minor operating leases.
He added: There are encouraging signs the Covid-19 disruptions and travel restrictions, which have continued to create delays and challenges for the first few months of the year, are at last easing and we expect to return to revenue growth levels that we were experiencing pre-covid. Revenues from existing contracts, including long-term managed services, and the revenue slippage from 2020 together with the anticipated recovery in our guarding, training and West African Airport operations provide the basis for our optimism, although we recognise that the global outlook remains uncertain and subject to change with the potential to further delay closure and delivery of projects.
Total equity and net assets grew from £1.9m in 2019 to £7.1m in 2020.
Story provided by StockMarketWire.com
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