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Westminster issues update on contracts

Monday, 24th December 2018
Technology-based security solutions provider Westminster has issued an update on contracts.

The large scale, long term security contract for one of 60 airports in Iran, which was signed in May 2018, but which had to be put on hold following the US unilateral withdrawal from the Joint Comprehensive Plan of Action (JCPOA), remains a key focus for the company.

Westminster said it continues to work closely with its Iranian client and revealed the majority of issues and challenges created by the US actions have now been addressed.

The European Union is hoping to have its special purpose vehicle (SPV), to assist with Iranian trade transactions, in place early in the new year.

Both parties remain committed to the project and despite the challenges continue to work towards commencing the project at the earliest opportunity.

In the interim report in September, the firm announced they continue to work towards signing at least one further long-term Managed Services contract this year although, as always, there is never certainty as to timing or outcome in these matters.

Chairman Tony Baldry and CEO Peter Fowler recently returned from Africa having progressed discussions on one of our long-term airport security project opportunities.

Contracts have been drafted and Westminster anticipate providing a further update in the new year.

TECHNOLOGY DIVISION

In March 2018, the company announced a $4.5m contract award to provide several advanced vehicle screening solutions to a high security facility within the Middle East, which is expected to be largely completed by the year end.

Westminster reported this remains the case with just $224,000 of commissioning works outstanding at year end, which will be undertaken in the new year.

The company will be announcing a trading update and notice of results in late January 2019.




Story provided by StockMarketWire.com

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