Westminster Group gets further boost as US$3mln Middle East contract is extendedWednesday, February 13th, 2013
Security specialist Westminster Group (LON:WSG) announced this morning an extension to its US$3mln Middle Eastern contract unveiled last month.
The order, expected to be delivered this summer, is for a further US$250,000, the company told investors.
As revealed last month, the deal is with a new customer and is to supply high-tech scanning equipment.
This will be used to screen lorries and vehicles entering a high-security oil and gas plant for contraband and potential threats.
Westminster chief executive Peter Fowler said he was “very pleased” at the increased order and said it was “an indication of the confidence the client has in our services”.
Once delivered, there is potential for ongoing recurring revenue through a multiyear maintenance agreement due to the sophistication of the equipment concerned, Westminster said in January.
Fowler also said last month that the company was in discussions with other customers in the same country for the provision of high technology solutions for the protection of critical national infrastructure.
“This is a further validation of our business model of providing niche products and large scale integrated solutions to governments and major corporations within the Middle East, Africa and Asia,” he said.
In June last year the firm was selected to provide advanced surveillance equipment to a Middle East government valued at over US$900,000.
Another big market for Westminster is security at airports and it is in active negotiations with airports across Africa.