What it does
For example, the company has a long -term passenger baggage screening contract at an airport in West Africa.
Westminster receives a fee from all passengers flying in and out of the airport that is paid by the airlines.
Turkish Airlines is the latest airline to start to use the airport.
The Tema contract will be a similar long-term recurring revenue award with Westminster receiving payment for each unit going through the port whether it is screened or not.
How it’s doing
In a trading update in early April, the company said it was continuing to trade satisfactorily with a surge in orders for fever screening equipment offsetting reduced activity at its guarding arm and the Sierra Leone airport security contract.
Overall, and in spite of coronavirus disruption, the business has performed well and been profitable in the three months to March, it said.
Revenues were more than £4mln, an increase of 30% over a year ago, while cash holdings were £2.2mln.
Orders for fever screening equipment have risen to US$2.1mln with more than US$1.2mln in the last two weeks while operations have been unaffected at the Port of Tema in Ghana, where Westminster provides container screening services.
After a round of cost savings, the cash in hand will allow it to operate effectively within its available resources, said the statement but it will make more savings if necessary.
What the boss says, CEO Peter Fowler
“As a business, we are operationally geared in that we have relatively fixed operating costs and as our revenues continue to grow our profitability will grow proportionally faster. In this respect, we believe we are now approaching an inflexion point,” the group added in its statement.”