Westminster Group shares climb after $3.48m contract win

Westminster Group shares climbed on Wednesday after being awarded a $3.48m contract for the provision of advanced container screening solutions to two separate ports in an unspecified Asian country.

The technology-based security specialists said the project will start when export licencing has been granted, with $3.05m of the contract relating to supply and installation, which is expected to largely take place during this year's fourth quarter, and the remaining $0.43m on maintenance services over the next two years.

Chief executive Peter Fowler said the deal had been secured "after a prolonged period of negotiations".

"Having recently delivered the remainder of the $4.5m vehicle screening contract in the Middle East, which the Company secured in 2018, this latest award for container screening at two ports in Asia is a testament to Westminster's expertise and global reach."

"We have commenced 2019 on a strong note ahead of budget and this latest award underpins our expectations for the year. Security of ports, like airports, is a high priority for governments around the world and Westminster have been developing wide ranging solutions covering various aspects of port and airport security. This contract is one of several large-scale projects we are currently negotiating in different parts of the world," said Fowler.

Westminster Group's shares were up 12.50% at 9.00p at 0939 BST.