Trading Update

 

 

31 March 2026

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR") WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

 

 

Westminster Group Plc

('Westminster', the 'Group' or the 'Company')

 

Trading Update

 

Westminster Group Plc (AIM: WSG) a leading international supplier of managed services and technology-based security solutions worldwide, wishes to provide shareholders with an update on its trading position.

 

Overview:

The Company anticipates announcing its Half Year Results to 31 December 2025 and publishing its 2025 Annual Report and Accounts in May 2026. As a result of the delayed publications, and pursuant to the requirements of AIM Rules 18 and 19, trading in the Company's shares will remain suspended until both sets of accounts are published.

 

The Company anticipates delivering circa £8.2m revenues for the Full year to 30 June 2025 which is circa 35% increase on 2024 on a like for like basis, with an expected EBITDA loss of circa £0.62m (2024: £1.47m Loss). Revenues for the Half Year to 31 December 2025 are anticipated to be circa £7.5m, a circa 100% increase on the previous year, with an expected EBITDA profit of £1.5m. The Half Year results however include some revenues from the Sierra Leone contract and the Gabon contract, yet to be collected as detailed below. This has caused temporary cash-flow pressures for the Group which are being addressed, both through the use of short-term loans and longer-term investment, of which the Company has a number of options as laid out below.

 

On 30 December 2025, the Company advised it was in discussions with a strategic investor with substantial business activities in Africa and the Middle East who has expressed an indicative interest in making a significant investment in Westminster and to collaborate on business opportunities. We have reached an agreement for a potential total investment of $2.5m, commencing with $1m advance payment and a further $1.5m following an EGM to approve the investment. If an EGM has not been called within 3 months then we can decide to return the initial $1m with 15% interest or enter into a joint venture on the Gabon project whereby they will share the costs and look after local issues for 50% of the profits. No investment monies under this agreement have yet been taken and until that happens the arrangement may be terminated.  In this respect we are pleased to report that we have a number of other potential funding options and discussions underway and we are currently considering which funding option(s) best suit the future growth needs of the Group and will make an announcement in this respect in due course.  

 

In addition, on 30 December 2025, the Company also advised also that it was negotiating a significant offshore banking facility for project financing. We are pleased to report his process is now underway with accounts being opened and the required trade insurance organised and we anticipate this facility will be available in May 2026. This facility will provide the Company with flexible project financing for Gabon and other such major projects.

 

In summary, it has been a challenging financial period for the Group, not helped by world economic pressures, however despite this, the Group is making good progress on a number of fronts. We are working hard to secure the required funding to take the business forward to another level and to lift the suspension of our shares.

 

Trading Update:

As announced in our Interim results in March 2025, our operations in Sierra Leone, where we have been successfully operating the airport security for the past 13 years, experienced some unwelcome interference from a local businessman, who instigated a vexatious claim resulting in a temporary judgement, with monies owed to Westminster in the UK, excluding local costs, being paid into an escrow account. The claim has no merit in fact or law and has been challenged in the courts. We currently await a decision for funds, estimated to be in the region of $3.5m, to be released. $1.4m of this amount is carried in the half Year Results to 30 December 2025. The legal process in the country is notoriously slow and politically influenced and so we have therefore engaged the services of the potential strategic investor mentioned above who has significant business interests in the region to see if they can expedite collection. We will share 50% of any funds collected with them however there is no cost or commitment to Westminster should no funds be collected. We can terminate the arrangement at any time. If no funds are collected, we will seek redress from the Government of Sierra Leone under the contract through international arbitration invoking the UK Sierra Leone Trade Treaty. Our claim in the case would amount to circa $10m.

 

In 2025 we announced a new 15+-year contract signed in Gabon during the year. The contract is for airport security operations at four airports in Gabon and is based on Westminster's managed services model successfully deployed elsewhere in Africa. Revenues are driven by embarking passenger numbers using the airports and funded by a per passenger fee, denominated in USD, collected through the ticketing system and payable directly to Westminster by the airlines or a suitable collection agency such as the International Air Transport Association ('IATA'). Based on current embarking passenger levels, the contract is expected to generate initial annualised revenues of circa $8m, ahead of expectations, with an expected future annual growth rate of 3-4% as passenger traffic increases.

 

Revenues were due to commence in Q3 2025. With all large-scale international projects of this nature various processes and procedures have to be put in place. Unfortunately, despite a decree being issued to place the contract into legal effect, complications arose between different government entities causing confusion amongst airlines and stakeholders and whilst some airlines commenced payments others did not, and in the Half Year Results to 30 December 2025 an amount of £3.5m is carried as debtors.

 

In December 2025, following a meeting with Westminster's CEO, the President instructed a commission to be set up to investigate why the project was being delayed. This commission involved numerous bodies, legal, financial and technical to investigate all aspects of the project.

 

We are pleased to report that the Commission's Final Report was signed by all parties in March 2026 clearing the way for the new decree to be issued and a resumption of activities. We expect to commence receiving revenues of circa $600k - $700k per calendar month from May 2026. This will be another milestone for the business moving the Company into significant profitability. Once the new decree is issued and revenues commence, we will look at options for the recovery of the outstanding debts.

 

With reference to our contract in the Democratic Republic of Congo, we have previously advised that hostilities in the east of the country had understandably caused some distraction and delay. The one airport affected by the invasion, Goma, is unlikely to be included until the security situation on the ground permits, though this will have no material impact on revenues. We continue to carefully monitor the situation and will update shareholders on any material change. Our current priority is to ensure the new Gabon project is operating smoothly before refocussing on the DRC project and moving some of our French speaking expatriate specialists back to the DRC.

 

We are pleased to report that our $1.7 million contract, funded by the European Investment Bank, to upgrade security at two international airports in Southeast Africa is finally nearing completion and discussions are underway to move onto a managed services contract once the works are complete.

 

We continue to provide aviation security (AVSEC) training to staff at airports around the world, expanding our network of potential substantial managed services opportunities for the future.

 

We are pleased to report we have made significant strides forward with several of the large-scale, long-term managed services airports and ports opportunities each of which, as and when secured, would provide multi-million-pound increases in annual revenues and profitability. In this respect we have recently hosted a high-level delegation from a West African Country, including senior state security personnel to discuss a major port and border security project. This is a country well known to us. We are excited about the multi-million-dollar opportunities under discussion.

 

Our guarding business is going from strength to strength with a like for like increase of 48% in guarding hours during 2025.

 

The Group's pipeline of opportunities remains strong, with several large projects entering advanced commercial or technical stages. These include opportunities across Europe, Africa, and the Middle East, reinforcing Westminster's capability to deliver complex integrated security solutions on a global scale.

 

A small example of the business development activities for domestic and international projects, many of which are expected to deliver recurring revenues and long-term client relationships, being undertaken are:

·      We are joint venturing with a large, $800m turnover US group, to design a perimeter security solution for US Airforce bases in the United States of America. This project has substantial potential for Westminster not just in terms of new and significant business opportunities in the US but also the potential for opening up in the US market and discussions in this matter have already been undertaken in a meeting in New York between Westminster's CEO and the US Group Chairman.

·      International Hold Baggage Screening Programme - Initial proposal under development, forming part of a larger national aviation-security upgrade.

·      Working directly with international trade at governmental level - IMSI-catcher technology project under consideration for law-enforcement operations.

·      Africa Weapons Database & GuardTour Project - Pilot initiative with the national bank and Ministry of Interior to digitise weapons tracking and guard-patrol compliance.

·      Africa Coastal Radar and Truck-Scanner Deployments - Active opportunities exceeding $10 million combined.

·      Middle East Palace & Port Security Projects - Multi-system detection tenders in partnership with regional integrators.

·      World-Leading Science and Technology Organisation- Multiple orders for body-scanning systems confirming repeat business and client satisfaction.

·      Heritage sites / Tourist Attraction - Mass Screening system selected as preferred screening solution.

·      National Defence Organisation - Project for advanced vehicle-screening systems continues to progress positively through the final stages of client assessment £2m-£4m order expected Q2 2026.

·      Sports & Stadium Security - Delivered multiple venue-security trials across leading sports and entertainment sites in the UK and mainland Europe, further enhancing Westminster's profile as a trusted partner for large-crowd safety and event-security innovation.

·      High Commissions & Residencies (UK) - Multi-phase security upgrade progressing to final stages.

 

These projects demonstrate Westminster's ability to deliver digital security infrastructure globally, combining operational expertise with advanced detection technologies.

 

The Company's growing presence has been reinforced by participation at all major 2025 security industry exhibitions, including:

·      Security & Policing (Farnborough)

·      Blue Light Show

·      International Security Expo (ISE) London

·      FSOA Football Safety Officers Association Conference

 

Attendance at these events has markedly increased Westminster's visibility, enabling direct engagement with police, government, stadium operators, and facilities-management firms, while positioning the brand alongside the world's leading security technology and implementation innovators.

 

We have announced the resignations of two directors and the NOMAD. We are currently undertaking a restructuring of the Board and advisor arrangements better to suit the future needs of the Group. We remain mindful of our need to secure adequate funding and that global events can still impact business outlook. However, the recovery and growth we are seeing in our various businesses, together with our business model and the opportunities we have been developing and investing in over the years underpin our confidence for the future long-term growth and success of our business.

 

For further information please contact:

Westminster Group Plc Media enquiries via Walbrook PR Peter Fowler - Chief Executive Officer and Chairman Mark Hughes - Chief Financial Officer     Walbrook ( Investor Relations) 020 7933 8780 Tom Cooper Nick Rome Westminster@walbrookpr.com

 Notes:

 

The Westminster Group Plc is a global integrated security services group, delivering niche security solutions and long-term managed services to high growth and emerging markets around the world, with a particular focus on long-term recurring revenue business. 

 

Westminster's principal activity is the design, supply and ongoing 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 (NGOs) and blue-chip commercial organisations.

 

The Westminster Group Foundation is part of the Group's Corporate Social Responsibility activities. www.wg-foundation.org

 

The Foundation's goal is to support the communities in which the Group operates by working with local partners and other established charities to provide goods or services for the relief of poverty and the advancement of education and healthcare particularly in the developing world.

 

The Westminster Group Foundation is a Charitable Incorporated Organisation, CIO, registered with the Charities Commission number 1158653.