Westminster Group narrows 2012 losses

Westminster Group, supplier of technology to security and defence markets, reported a fall in annual revenue, reflecting timing issues on orders.

Westminster Group, supplier of technology to security and defence markets, reported a fall in annual revenue, reflecting timing issues on orders.

Revenue for the year ended December 31st 2012 came to £9.5m, down from the previous year's £10.1m.

The UK company - which has two divisions including Managed Services and Technology - narrowed its operating loss to £1.21m from £1.63m, as order intakes rose to £15.2m from £14.7m.

The firm blamed a slump in sales in its Technology division and a rise in finance costs to £0.50m from £0.40m for another year of losses.

During the year, Westminster won new contracts including to supply airport security in Africa and to provide electronics countermeasures system for the police force in the Middle East.

The group also secured contracts to offer surveillance equipment, oil and gas installation scanning equipment and specialist K9s explosives detection to the Middle East and to supply covert surveillance equipment to Asia.

"I am confident that 2012 will be seen as the pivotal year in the evolution of our Managed Services business," said Chief Executive, Peter Fowler.

"The real achievement is the success we have achieved in positioning the group for a step change in scale and size as we now move to the next phase of our growth plans."

Shares fell 2.50% to 39p at 08:10 Tuesday.

RD

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