Westminster Group PLC said on Wednesday reported revenue growth in the 18 months to June 30, but also pretax losses.
The Oxford-based provider of security services, for sensitive places such as ports, airports and commercial buildings, said revenue in the 18 months to June 30 was £9.1 million against £8.6 million in 2022.
Pretax losses amounted for £3.2 million for the period, increasing from £775,000 in 2022.
Westminster Group reduced its administrative costs by 11%, but recorded a loss of £1.5 million in earnings before interest, taxes, and amortisation.
Westminster Group said it has confidence in the future long-term growth and success of the business.
Chief Executive Officer Peter Fowler said: ‘We continue to battle against probably one of the worst world economic and political backgrounds in recent times and the period in question has been a time of both challenges and achievements.
‘We are focussed on building a resilient business based on multiple revenue streams, many of which are from long-term recurring revenue contracts, from multiple customers, in multiple jurisdictions, which is and will continue to be a key growing strength of our business.’
The London-listed stock was down 20% at 1.99 pence on Wednesday.
Copyright 2024 Alliance News Ltd. All Rights reserved.
