Friday, Nov 06, 2009
(Adds analyst comments, updates share price.)
By Zechariah Hemans
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--Westminster Group PLC (WSG.LN) said Friday its contract with the Government of Southern Sudan has been extended to include additional security at Juba International Airport, worth about $2.72 million.
Under the extended contract Westminster will provide additional security fencing and detection systems, under vehicle surveillance systems, automatic number plate recognition and control barriers as well as CCTV surveillance and solar powered street lighting.
The original contract, to provide high security perimeter fencing worth $4.7 million, was awarded March 2008 and has been ongoing during 2009.
Seymour Pierce analysts, Kevin Lapwood and Caroine de La Soujeole, said this deal puts Westminster on course to achieve their 2009 revenue forecast of GBP9.4 million. They maintain their 'Buy' rating on the stock and 60 pence target price.
The security, defence, fire protection and safety company also said it secured a number of new contracts during October valued at close to $1.0 million, from various clients including a security system for the National Bank of Ethiopia. These contracts are expected to start in late 2009 and completed in full during 2010.
Peter Fowler, Chief Executive, said order intake for the year is GBP7.34 million, but warned that the economic climate may have an adverse affect on the company's short-term outlook.
Shares at 0955 GMT unchanged at 35 pence, in a slightly lower Alternative Investment Market--down 0.058%.
Company Web site: http://www.wg-plc.com
-By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; zechariah.hemans@dowjones.com
(END) Dow Jones Newswires
06-11-09 0957GMT
