Westminster Group PLC (LON:WSG) has said that, due to the disruption caused by the coronavirus (COVID-19) pandemic, the release of its Annual Report and Accounts, due on April 30, 2020, has been delayed by two weeks and are now expected to be released on Thursday, May 14, 2020.
The group, a leading supplier of managed services and technology-based security solutions worldwide, said it has finalised its Annual Report and Accounts and its auditors have largely completed their audit works but due to the disruptions to working practices caused by the COVID-19 pandemic, including social distancing and home working, it has not been possible to finalise matters.
Westminster said it has therefore decided to delay the release of its Annual Report and Accounts for a period of two weeks in order to give its auditors time to complete their processes.
The group added that it expects the accounts to show revenues of £10.9mln, an increase of 63% on 2018 and that it will be EBITDA positive, against a £0.35m EBITDA restated loss on a consistent basis in 2018.
The company said its cash position as of April 29, 2020, is £1.6mln and it has also significantly increased its investment in its stock of fever screening and associated equipment.
Commenting on the delay Westminster’s CEO, Peter Fowler, said: “It is disappointing that we have had to make this short delay to the announcement of our Annual Report and Accounts, particularly as the Group were on track to report some 3 weeks earlier than normal in prior years, however, COVID-19 is creating challenges for many companies and we do appreciate the efforts our auditors have made in difficult circumstances to meet our deadlines.”
He added: “As previously reported we are fortunate in that our business model is built on multiple revenue streams from various activities around the world and whilst parts of our business including our airport security and training operations are adversely affected, other areas of the business are largely unaffected and it is encouraging to see that our Ghana operations continue to generate revenues in line with budget and that the lockdown in the country, which is now over, had little impact on our business. As previously announced our product sales, particularly of fever screening and safety equipment, are flourishing.
“Overall, despite the disruption from COVID-19 our business has performed well and been profitable in Q1 with revenues of over £4.2mln. We continue to receive a high volume of enquiries from around the world particularly around our fever screening and safety solutions, including some major blue-chip clients. We believe fever screening solutions will now be a standard requirement for airports and many commercial and governmental organisations.
“We continue to monitor the situation carefully and to look for new opportunities to expand our online sales opportunities. Our overriding priority, however, continues to be the safety and wellbeing of our people and to continue to provide a valuable service to our customers.”