Today the Westminster Group PLC has announced its unaudited results for the six months ended 30th June 2020.
We are pleased to declare that, despite the global Coronavirus pandemic, the Westminster Group have had a 24% increase in revenue for the first half of the year. This increase follows a 4-year trend of double-digit percentage growth.
The COVID-19 pandemic has demonstrated the value of the Group’s business model, with multiple revenue streams from various sources around the world providing resilience to regional issues. Our Ghana Port operations continued to function and deliver revenues all throughout this crisis period.
The pandemic has highlighted global fragilities and inadequacies, but due to the agility and early action from the management team, the Westminster Group has continued to grow and trade profitably and experienced a significant increase in product sales worldwide.
Key factors in our successful performance during this period have partly been due to the business model we have developed with multiple revenue streams from varying sources around the world, limiting our exposure to regional issues, together with an agile management team. Based on our experience of the West African Ebola outbreak a few years ago we identified COVID-19 as both a threat and an opportunity to our business in early January, before it was even pronounced a pandemic, and took early action to protect our business, our people and our customers. We instigated regular risk assessments for all parts of our business on the developing pandemic and implemented a number of initiatives. We increased our targeted marketing, secured supply chains and identified additional products and suppliers. We increased our stockholding of detection and safety equipment by around £400,000, all out of our existing resources, to maximise our non-contact revenues from the sales of screening and safety equipment. This proved to be highly effective.
We have provided a leading global investment management corporation with a range of fever screening and safety equipment as part of the ‘Return to Work’ programme and are focusing on delivering fever screening and sanitisation solutions to the education sector worldwide, with a real emphasis on assisting schools to reopen safely in September.
In the first half, we have been operationally cash positive and have invested in our marketing and advertising, successfully completing a rebrand, undergoing the launch of the new expansive Westminster website, and launching a national TV advertising campaign.
We have also improved our training solutions to extend our non-contact e-Learning platforms and resumed our face-to-face training sessions, with additional social distancing and COVID Safe practices in place. The CAA, Aviation Security Quality Assurance Framework audit graded Westminster’s training as ‘Outstanding’ in all areas audited, but we have recently signed a new strategic alliance agreement with JP International Training Limited to further enhance our training.
Using our wealth of knowledge and experience to create a compelling client offering, the Group have continued to grow throughout the first half of 2020, despite the global pandemic and we have successfully built on our accomplishments from the previous year.
Read the full announcement here.