Search Share Prices
Westminster extends Middle East contract, spies bigger fish on the horizon
Westminster Group's shares jumped over 15% on Wednesday after the technology-based security company won a contract with an existing Middle Eastern client.
The $4.5m contract will see Westminster's technology division providing a number of vehicle screening solutions to allow for the detection of security threats and contraband at the entrance to a high security facility.
Peter Fowler, chief executive of Westminster Group, said: "I am delighted to be able to announce this important new contract award to an existing customer within the Middle East, which has been secured after a prolonged period of negotiations. This contract is one of several large-scale projects we are negotiating in the region."
The company further announced resolution of contractual and commercial issues surrounding a potential Middle East contract estimated to be worth 24m per annum to Westminster.
A statement from Westminster Group said: "The project remains a high priority for the client and we still believe this final approval process is imminent, but with any project of this size and complexity there can never be certainty of timing or outcome as we are dependent on the client's timescales."
The company will now seek to finalise plans to raise required funds to support investment in the project, with finalisation and further details expected to be announced in the second quarter after the anticipated signing of the contract.
As of 1630 BST, Westminster Group's shares were up 16.24% at 24.14p.