Westminster Group PLC on Thursday reported a double-digit rise in interim revenue and a narrowed loss, as it expects annual expectations to be in line with market forecasts.

Shares were down 9.2% at 1.23 pence each on Thursday morning in London.

For the six months that ended on June 30, the London-based provider of security services for places such as ports, airports and commercial buildings said revenue rose 13% to £3.9 million from £3.5 million a year earlier.

The company said it ‘represented a strong recovery in the Services section of the business with its West African airport and training leading the way.’

Pretax loss amounted to £787,000 during the period, narrowed from £929,000 a year earlier. Gross profit was £2.0 million, up 25% from £1.6 million, equating to a margin of 51% compared to 45% a year earlier.

Westminster said the percentage increase is due to the rise in high margin ‘managed services sales in H1 2022 changing the margin mix.’

Chief Executive Peter Fowler said: ‘H1 2022 has performed largely to expectation, delivering an improvement on H1 2021 as our various business sectors recover from the pandemic. As stated in our recent annual report, the outlook for 2022 is positive as the impact of the global pandemic recedes and with the worst of the disruption and travel challenges behind us.

Looking ahead, Westminster said it continues to invest in its business development programmes. It said it remains optimistic to meet its full year market expectations.

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