- Westminster Group announced revenues of £2.9m (H1 2016: £2m), which reflected strong growth in the Managed Services and the Technology division in the first half of 2017.


- Significant progress on the previously announced Middle East long-term project opportunity and agreement now reached on key issues. Further announcement expected shortly

- Managed Services now the key focus of the group and the pipeline of major long-term project opportunities continues to grow. Discussions in progress with governments and airport authorities in various parts of the world

- New contract awards for equipment and services to airports around the world including a six-month airport security training programme

- Strong recovery in West Africa passenger numbers continues, several new airlines commencing services including Turkish Airlines due to commence in Q4 2017

- Agreement reached with other main ferry operator in Sierra Leone, Sea Coach Express, to offer a combined service. Under the terms of the agreement Westminster will continue to manage and operate the ferry terminals, and Sea Coach Express will manage and operate the Sovereign ferry service, including the Sierra Princess. More vessels will be added to the Sovereign fleet

- Board strengthened with the appointment of the Rt. Hon Sir Tony Baldry as Chairman and Martin Boden as Chief Financial Officer from 29 June 2017. Sir Malcolm Ross remains on the Board as Deputy Chairman


- Managed Services revenues up 41% to £1.8m (H1 2016: £1.3m)

- Technology Division revenues up 41% to £1m (H1 2016: £0.7m)

- Gross margin of 59% (H1 2016: 73%) reflects a negative gross profit from the Ferry operations and the commencement of concession payments to the Sierra Leone Aviation Authority from April 2017

- Adjusted EBITDA loss of £0.6m (H1 2016: profit £0.2m) primarily a result of losses of £0.4m (H1 2016: nil) on the Ferry operations

- Reported loss before tax £1.4m (H1 2016: loss of £0.8m)

- Loss per share 1.4p (H1 2016: 1.2p)

- £0.6m new equity raised in February 2017 and a further £1.0m raised in April 2017

- Cash balance of £0.8m at 30 June 2017 and £0.4m at 1 September 2017 (30 June 2016: £0.7m)

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