Security specialist Westminster Group (WSG:AIM) is exciting investors as it notes an unconfirmed Middle East project could be worth approximately €24m a year in its initial phase.
Its shares have soared 60.1% to 15p on the potential contract whose projected annual revenue is more than the company's current market value.
In the year to 31 December 2016, Westminster delivered sales of £4.4m and adjusted earnings before interest, tax, depreciation and amortisation profit of £25,000.
The Middle East work for Westminster is expected to include installing and training security teams, although investors should note that it is not confirmed yet. An update is anticipated in January as the firm awaits one final internal approval process.
However, the prospects of the award going through look pretty positive as, in Westminster's own words, ‘all but a few more minor commercial and contractual issues’ have been agreed.
It is also unknown how much investment will be needed. Westminster is working on how they will raise the funds required for working capital, details of which will also be revealed in January.
