Westminster Group PLC Major Middle East Project Opportunity Update (2806J)
March 28 2018 - 9:37AM
UK Regulatory
TIDMWSG
RNS Number : 2806J
Westminster Group PLC
28 March 2018
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014
Westminster Group Plc
('Westminster', the 'Group' or the 'Company')
Major Middle East Project Opportunity Update
Westminster Group Plc (AIM: WSG), a leading supplier of managed
services and technology based security solutions worldwide, is
pleased to provide an update on its previously announced major
long-term project opportunity within the Middle East.
As we have previously announced, the major Middle East project
opportunity is awaiting completion of the client's internal
approval process, and we have been informed that the remaining
contractual and commercial issues referred to in our 31 January
Trading Update are now agreed. The initial phase of the project is
still expected to be worth approximately EUR24m per annum to
Westminster, with any future extensions and changes of scope
expected to be subject to price revision.
The project remains a high priority for the client and we still
believe this final approval process is imminent, but with any
project of this size and complexity there can never be certainty of
timing or outcome as we are dependent on the client's
timescales.
As mentioned in our 31 January Trading Update, plans are in
place to raise the required funds to support investment in this
project and other potential new Managed Services contracts. These
plans will be finalised once we have signed the Middle East
contract and details are now likely be announced in Q2 2018.
For further information, please contact:
Westminster Group Plc Media enquiries via Walbrook PR
Rt. Hon. Sir Tony Baldry - Chairman
Peter Fowler - Chief Executive Officer
Martin Boden - Chief Financial Officer
S. P. Angel Corporate Finance LLP (NOMAD & Broker)
Stuart Gledhill 020 3470 0470
Lindsay Mair
Caroline Rowe
Walbrook (Investor Relations)
Tom Cooper 020 7933 8780
Paul Vann 0797 122 1972
tom.cooper@walbrookpr.com
Notes:
Westminster Group plc is a specialist security and services
group operating worldwide through an international network of
agents and offices in over 50 countries.
Westminster's principal activity is the design, supply and
on-going support of advanced technology security solutions,
encompassing a wide range of surveillance, detection, tracking and
interception technologies and the provision of long-term managed
services contracts such as the management and running of complete
security services and solutions in airports, ports and other such
facilities together with the provision of manpower, consultancy and
training services. The majority of its customer base, by value,
comprises governments and government agencies, non-governmental
organisations (NGO's) and blue chip commercial organisations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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