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Westminster Group advances on restructuring efforts

Westminster Group shares rose Thursday after the security systems supplier announced restructuring of the group's businesses into two new divisions.

Westminster Group shares rose Thursday after the security systems supplier announced restructuring of the group's businesses into two new divisions.

The company said a managed services division and technology division were set up so it could focus on its growing international opportunities.

The managed services division will look after long-term managed services contracts such as security in airports and ports.

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The technology division will focus on providing technology-led security solutions - including surveillance, detection, tracking and interception technologies - to the security, defence, fire protection and safety markets.

As part of the restructuring, the firm is also selling its two UK focused subsidiaries, RMS Integrated Systems, including CTAC and International Monitoring Services Ltd, to a management buyout. The firms, which supply alarm services, will be acquired by Amba Defence.

"[...] I believe these changes will not only assist the group focus more effectively on its international business opportunities but will streamline our operations with cost savings of approximately £1.3m per annum," said Chief Executive, Peter Fowler.

RD

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