Westminster Group, a prominent U.K. security-services company, has announced a reduction in its first-half pretax loss as a result of lower costs. The company remains confident about its future growth prospects.
The reported pretax loss for the first half was £287,000 ($350,283), compared to £787,000 in the previous year. Revenue also saw a decline from £3.9 million to £3.5 million, largely attributed to the termination of the Ghana port operation in February.
On a positive note, Westminster Group highlighted the continued growth of its West African airport operations, which are currently operating at record levels and showing progress similar to that of 2022.
Given the company’s historical trend of being second half-weighted, Westminster Group expects this pattern to persist in 2023. As such, it anticipates delivering consistent growth and improvements throughout the remainder of the year, building on the positive results achieved in 2022.
To achieve this goal, securing new contracts with sufficient lead time for revenue recognition is paramount. Westminster Group reassured its commitment to actively pursuing new contracts and working diligently towards that end.