 fell on Monday, despite reporting a year of new opportunities and stronger financials.){kind=link}
Shares in security solutions provider Westminster Group (LON:WSG) fell on Monday, despite reporting a year of new opportunities and stronger financials.
Revenues up by 31 percent to £4.4 million, up from £3.4 million last year. The company reported an adjusted EBITDA profit of £25,000, an improvement on last year’s loss of £360,000.
Westminster Group, who are listed on the AIM market and supply managed services and technology based security solutions to government agencies and NGOs worldwide, were aided by a series of new deals and world events during the 2016 financial year.
The company signed three more long term airport security MoU’s, alongside strong recovery in West Africa passenger numbers following end of Ebola crisis in the first half of the year.
Westminster Group also raised £0.6 million in new equity in February 2017, with a further £1 million raised in April 2017. Commenting on the results and current trading Peter Fowler, Chief Executive of Westminster Group, said:
“Our business is now in a better position than it has been for some time as the challenges and trials of the last few years are now largely behind us. Our market proposition, particularly our managed services business, has never been more relevant against a backdrop of increasing threats to air travel and a more unstable world and we are well positioned though our extensive network and governmental relationships to transform our business.
“Over the next few months and years we have an opportunity to achieve unprecedented growth from the prospects we are pursuing such as the Middle East airport opportunity. The Board and I remain committed to delivering on this potential.”
Westminster Group shares are currently trading down 3.81 percent at 15.15 (0911GMT).