Westminster Group says Iran issues addressed after US sanctions

Tech-based security provider Westminster Group said challenges created by US sanctions against Iran had now been addressed after the company revealed its long-term security contract at an Iranian airport was on hold.

Westminster said it continued to "work closely" with its client and the contract was an area of "key focus".

"We continue to work closely with our Iranian client and are pleased to report that the majority of issues and challenges created by the US actions have now been addressed," the company said.

"The European Union is hoping to have its Special Purpose Vehicle, 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."

The company, which had been aiming to sign "at least one further long-term managed services contract this year", also reported that chairman Tony Baldry and chief executive Peter Fowler had recently returned from Africa having progressed discussions on one of its long-term airport security project opportunities.

In its technology wing, Westminster said it had mostly completed work on a $4.5m contract aimed at providing several advanced vehicle screening solutions to a high-security facility in the Middle East.

As of 1030 GMT, Westminster shares were up 1.92% to 9.02p.