StockMarketWire.com - Security services provider Westminster said 2019 was a record year for the group with a 63% year on year increase in revenues to £10.9m and its fourth year of double-digit percentage revenue growth.

In its final results for the 12 months to 31 December 2019, the group's managed services division saw a 50% increase in revenues to £5.5m, while its technology division reported an 80% increase in revenues to £5.4m.

Chief executive Peter Fowler said: 'Operationally both divisions had a busy year and made excellent progress on a number of fronts.' He added: '2020 has started on an equally positive note, building on the success of 2019 with both order intake and revenues ahead of budget.

'Q1 delivered revenues of over £4.5m, an increase of more than 22% over the same period in 2019 (Q1 2019: £3.7m), and I am pleased to report our management accounts show we made a healthy profit of several hundred thousand GBP in the quarter at both pre and post-tax levels as we begin to benefit from new contracts and the investment we have been making in our business over the years.'

Fowler said that some parts of the business have been adversely affected and others have seen little impact from the COVID-19 pandemic, but that some have experienced significant growth, particularly Westminster's sales of fever screening and safety solutions.






At 9:30am: [LON:WSG] Westminster Group PLC share price was -1.65p at 9.85p



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