Westminster Group soars on revenue growth

17th Jan 2012 11:00

Westminster Group, the security solutions firm, leapt 41.5% in morning trading after announcing revenue growth of 260% in 2011 versus 2010.Revenues for the year were approximately £10m of which £8m came in the second half.Margins in the second six months of last year are expected to be better than during the first half, which delivered 16%.Cash balances as of the 31st of December 2011 were £0.4m versus £0.3m at the same point of 2010.Westminster Group says orders for 2012 are already at £4.7m, whereas at the same point last year the company had virtually no contracts in place.Commenting the Chief Executive, Peter Fowler, said: "This much improved performance reflects the success of our decision to strengthen the management team with a series of key appointments which began in July 2011 with the appointment of a new group CFO and COO for our Longmoor division."He added: "Westminster's opening order book is a key indicator of the momentum in the business. The level of new business enquiries is at a record level, with the mix of business improving to smooth the revenue profile of the business."Westminster shares have dropped 48% in the last 12 months. Since 2007 the stock has lost 84%.BS