Resultados provisionales
grupo de westminster plc
('Westminster', el 'Grupo' o la 'Compañía')
Interim Results for the six months to 31 December 2023
grupo de westminster plc (AIM: WSG), un proveedor líder de servicios administrados y soluciones de seguridad basadas en tecnología, announces its unaudited interim results for the six months ended 31 December 2023 (the 'Period') ("H2 2023").
Aspectos interesantes
· Ratification process underway re 5 airports project in Democratic Republic of Congo (DRC).
· Progress made with other managed services opportunities.
· Entregó productos y servicios a 33 países de todo el mundo.
· Guarding business expanded.
· Group revenues of £2.9m (H1 2023: £3.5m; H2 2022: £5.6m).
· Gross margin at 57% (H1 2023: 64%; H2 2022: 56%).
· Administrative expenses (continuing) are down to £1.7m (H1 2023: £2.5m; H2 2022: £2.7m).
· Continuing business EBITDA profit of £44k (H1 2023: Loss £117k; H2 2022: Profit £340k).
· Continuing business Operating Loss £79k (H1 2023: Loss £293k; H2 2022: Profit £222k).
· Loss per share (with exceptional loss, and discontinued ops, included) of 0.58p (H1 2023: Loss 0.09p; H2 2022: Profit 0.23p).
Al comentar sobre los resultados y el comercio actual, Peter Fowler, director ejecutivo de Westminster Group, dijo:
"We continue to battle against probably one of the worst world economic and political backgrounds in recent times. I am pleased to report therefore that, despite the global uncertainty and economic challenges, our underlying business continues perform largely to expectations although revenues fell in this six-month period to £2.9m largely due to the economic climate delaying some capital-intensive orders. However, due to a cost cutting programme and careful resource management we have delivered a near break-even result for ongoing operations with an EBITDA profit of £44k.
"Our business development activities made significant progress in the period which, whilst not benefitting the period in question, will have a material impact in the current year. A key development being progress on the long-awaited ratification process, currently being completed, being the final part of the formal procurement procedure for the 10+ year contract signed in June 2021 for security services to 5 airports in the Democratic Republic of the Congo ('DRC'), Central Africa.
"We started 2024 with an order book of £1.1m and recurring revenues of £3.7m which provide a healthy start for the year. With DRC expected to come on stream and other potential projects in the pipeline we believe the months and year ahead will be transformative for the Group."
grupo de westminster plc | Consultas de los medios a través de Walbrook PR |
ruta Honorable Sir Tony Baldry - Presidente | |
Peter Fowler - Director ejecutivo | |
Mark Hughes - Director financiero | |
| |
Strand Hanson Limited (asesor financiero y designado) | |
James Harris | 020 7409 3494 |
Ritchie Balmer Richard Johnson
Zeus Capital Limited (Broker) Luisa Waddell Simón Johnson |
020 3829 5000 |
| |
Walbrook (Relaciones con inversores) | |
Tom cooper | 020 7933 8780 |
Pablo Vann | |
nick roma |
Notas:
Westminster Group plc es un grupo especializado en seguridad y servicios que opera en todo el mundo a través de una extensa red internacional de agentes y oficinas en más de 50 países.
La actividad principal de Westminster es el diseño, suministro y soporte continuo de soluciones de seguridad de tecnología avanzada, que abarcan una amplia gama de tecnologías de vigilancia, detección (incluida la detección de fiebre), seguimiento e interceptación y la provisión de contratos de servicios gestionados a largo plazo, como la gestión y explotación de servicios y soluciones de seguridad completos en aeropuertos, puertos y otras instalaciones similares junto con la provisión de mano de obra, servicios de consultoría y formación. La mayoría de su base de clientes, por valor, comprende gobiernos y agencias gubernamentales, organizaciones no gubernamentales (ONG) y organizaciones comerciales de primer nivel.
La Fundación del Grupo Westminster es parte de las actividades de Responsabilidad Social Corporativa del Grupo. www.wg-foundation.org
El objetivo de la Fundación es apoyar a las comunidades en las que opera el Grupo trabajando con socios locales y otras organizaciones benéficas establecidas para proporcionar bienes o servicios para el alivio de la pobreza y el avance de la educación y la atención médica, particularmente en el mundo en desarrollo.
The Westminster Group Foundation es una organización benéfica incorporada, CIO, registrada en la Comisión de organizaciones benéficas con el número 1158653.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR") WHICH IS PART OF UK LEY EN VIRTUD DE LA UNIÓN EUROPEA (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN
Chief Executive O?cer's Review
General
We continue to battle against probably one of the worst world economic and political backgrounds in recent times. I am pleased to report therefore that, despite the global uncertainty and economic challenges, our underlying business continues perform largely to expectations although revenues were down. However, due to a cost cutting programme and careful resource management we have delivered a near break-even result for ongoing operations.
Traditionally our business is weighted towards the second half of the calendar year as we complete and deliver projects secured during the earlier part of the year. H2 2023 was an anomaly in this respect largely due to delayed orders for some of our larger technology projects because of the global economic situation and not helped by a delayed stage payment of $847k from the European Investment Bank for a large airport project in Southeast Africa, now received, which meant that project could not be completed in 2023 as planned.
In December we settled our dispute with Scanport, Ghana regarding the discontinued port project receiving $500k USD in settlement. Whilst the figure is less than the carrying figure of £1.1m in our accounts, we considered the terms of the settlement to be favourable and timely given the expected development of the Group's managed services business in early 2024 as mentioned below.
Consequently in H2 2023 we achieved revenues of £2.9m (H1 2023 £3.5m; H2 2022: £5.6m). Gross Margins at 57% were in line with expectations (H1 2023: 64% H2 2022: 56%) leading to a near break-even result for ongoing operations with an EBITDA profit of £44k (H1 2023: Loss £117k; H2 2022: Profit £340k) and Loss £79k (H1 2023: Loss £293k; H2 2022: Profit £222k).
Our aviation security business continues to perform ahead of budget. Our West African airport operation and collaboration with Summa is working well and have been a positive development. During the period we continued to provide post pandemic aviation security (AVSEC) training to staff at a major UK airport and have secured contracts for AVSEC training in other airports around the world, expanding our network of potential managed services opportunities for the future. Our $1.7 million project to upgrade security at two airports in Southeast Africa, funded by the European Investment Bank (EIB), was delayed due to an administrative issue between the EIB and the country concerned. This meant progress on the project had to be halted whilst the payment issue was resolved and so was not completed in 2023 as planned. I am pleased to report the $847k payment has now been received and the project is back underway and will be completed in 2024.
I am pleased to report we have made significant strides forward with several of the large-scale, long-term managed services airports and ports opportunities, each of which would, when secured, provide multi-million-pound step changes in annual revenues. Foremost amongst these is our project in the Democratic Republic of the Congo (DRC) for which I am delighted to announce that the long-awaited ratification process is currently being completed, being the final part of the formal procurement procedure for the now 10+ year contract signed in June 2021 for security services to 5 airports in the Democratic Republic of the Congo ('DRC'), Central Africa. Arrangements are now being made for a senior Westminster team to travel to the DRC with a UK Government Trade delegation in April to hopefully finalise matters and to prepare for commencement of the project. We expect to make a further announcement after that visit.
DRC will be a key addition to our international aviation security services, and we believe the country has exciting growth potential. With a surface area equivalent to that of Western Europe it is, by area, the largest country in sub-Saharan Africa, the second largest in all of Africa, and the 11th-largest in the world. It is also the most-populous Francophone country in the world. Air travel is therefore an important and a necessary requirement within this vast country. The country is extremely rich in natural resources and has the potential for sizeable economic growth. I look forward to Westminster having a long-term presence in the country and in playing our part in the successful growth and security of the country's numerous airports.
In our 2022 Annual Report published in June 2023 we stated we could potentially secure one or maybe two new large-scale manage services contracts in 2023. The outcome and timing of these complex projects are never certain, particularly in a challenging world environment, however, whilst we did not manage to finalise contracts in 2023, we have made important progress and from current activity and discussions underway we do expect secure these and potentially other such contracts in 2024.
Our guarding business continues to perform well. The H2 2023 revenues are an increase over the first half of the year and new contracts have been secured. We are continuing to develop a strategy which sees both the quantity and quality of our guarding clients improving.
Our focus has been and will continue to be on expanding our international operations, predominantly in emerging markets, as we believe that is where we will see significant growth opportunities, particularly with our managed services opportunities. However, the ongoing global economic situation of the past year has created some challenges, not just with increasing costs but significantly with some economies suffering substantial currency devaluation, in turn, leading to currency restrictions and in some places civil unrest. This has understandably led to some order delays, particularly with larger capital-intensive projects. Not-with-standing these challenges in H2 2023, we delivered products and services to 33 countries around the world and we fully expect some if not all of the delayed orders to eventually be secured.
In addition to building our international operations and to provide some resilience against world events, we have been undertaking a strategy of developing a significant UK presence with an enviable blue-chip client base, such as the Palace or Westminster, Scottish Parliament, Tower of London, UK Border Force, UK Prisons, to name but a few, which provide resilient recurring revenue streams. We have previously reported on the opportunities for our business that we anticipate could arise from the long-expected Martyn's Law legislation and we were pleased to see that included in the Kings Speech on 7 November 2023 and expect it to become law this year. We have already assisted a number of key-customers and landmark buildings to become compliant ahead of the legislation and we are active in developing further opportunities and to be recognised as a leading provider of solutions under the legislation.
Finanzas
Revenues were at £2.9 million (H1 2023: £3.5 million; H2 2022: £5.6 million) for the first half year. This decrease is represented primarily by the end of the Ghana port operation and lower Technology sales due to economic uncertainty in the world. H2 2022 benefited from a large solutions sale.
The Group generated a continuing gross profit of £1.6 million (H1 2023: £2.2 million; H2 2022: £2.9 million) which equates to a gross margin of 57% (H1 2023: 64%; H2 2022 56%). The increase in high margin services sales in H1 2023 changed the margin mix which reverted to a more normal mix in H2 2023.
Cost cutting and careful control over expenses reduced continuing administration from £2.7 million in H2 2022 and £2.5 million in H1 2023 to £1.7 million in H2 2023.
The continuing operating loss was £0.1 million (H1 2023: loss of £0.3 million; H2 2022: profit of £0.2 million). The reduction in the administration expenses was not enough to fully counter the drop in sales and change in the margin mix.
The RiverFort EPSA has been previously described in the 2020, 2021 and 2022 accounts. In 2020 the Company received a £1.5m mezzanine loan under the RiverFort EPSA. At the same time under the EPSA the Company issued 14m shares and booked a sundry debt of £1.75m. The loan was to be repaid and the sundry debt settled by selling down the shares. The mezzanine loan was fully repaid in December 2020. As at the 31 December 2023 there remained 4,300,696 Westminster shares, held to the Company's order equally by RiverFort & YAII, the proceeds of which, when sold, will be for the benefit of Westminster. If those shares had been sold at 31 December 2023, due to the low share price at that time, the Company would have received proceeds of £68,811.14 but would have incurred a book loss of £1.05m. Whilst the Company can choose to enact the sale of these shares at any time, it has not done so and there is no reason nor pressure to do so until the Company's share price has reached a target price of 26p. The Company believes that with imminent and expected new long-term contracts to be gained over the next 24 months the target price or higher can be achieved in due course at which time the shares can be sold for the benefit of the Company. In the meantime, for the sake of good governance it has been decided to mark to market the underlying shares as at 31 December 2023 and make a provision of £1.05m in Sundry Gains and Losses. This accounting treatment reflects the current fair value of the underlying shares. This provision will be assessed at each accounting reporting date against the market share price until such time as the shares are sold, should, as the board anticipates, the price be higher than the current market price with any profit from the reduction of the provision being recognised in future Profit & Loss statements.
Cash balance as at 31 December 2023 was: £0.2 million overdraft (30 June 2023: £0.1 million, 31 December 2022: £0.3 million). The Group also has overdraft facilities of £0.385 million which were partially unutilised at 31 December 2023. However, by 31 January 2024, the group had £0.85m in the bank. Working capital remains strong with receivables at £3.0m (H1 2023: £4.8m H2 2022: £4.8m) vs creditors of £1.8m (H1 2023: £1.9m H2 2022: £2.3m).
Earnings per share was a loss of 0.58 pence (H1 2023: 0.09p loss; H2 2022 0.23p profit).
Outlook
We started 2024 with and order book of £1.1m and recurring revenues of £3.7m which provide a healthy start for the year. With DRC expected to come on stream and other potential projects in the pipeline we believe the months and year ahead will be transformative for the Group.
Pedro Fowler,
Consejero Delegado del Grupo
27 de marzo de 2024
Estado de resultados integrales condensado consolidado (no auditado)
por los seis meses terminados el 31 de diciembre de 2023
Note | Seis meses finalizados el 31 de diciembre de 2023 | Seis meses terminados el 30 de junio de 2023 | Seis meses finalizados el 31 de diciembre de 2022 | |||||||
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| Continuo | Discontinuado | Total | Continuo | Discontinuado | Total | Continuo | Discontinuado | Total |
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| 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ |
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Ingresos | 5 | 2,904 | - | 2,904 | 3,393 | 89 | 3,482 | 5,225 | 387 | 5,612 |
El costo de ventas | (1,257) | - | (1,257) | (1,183) | (58) | (1,241) | (2,319) | (140) | (2,459) | |
Beneficio bruto |
| 1,647 | - | 1,647 | 2,210 | 31 | 2,241 | 2,906 | 247 | 3,153 |
Gastos administrativos | (1,726) | (770) | (2,496) | (2,503) | (12) | (2,515) | (2,684) | (12) | (2,696) | |
Ganancia / (pérdida) operativa | 6 | (79) | (770) | (849) | (293) | 19 | (274) | 222 | 235 | 457 |
Otras ganancias y pérdidas | 7 | (1,045) | - | (1,045) | - | - | - | - | - | - |
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| (1,124) | (770) | (1,894) | (293) | 19 | (274) | 222 | 235 | 457 |
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Análisis de pérdidas operativas | (79) | (770) | (849) | (293) | 19 | (274) | 222 | 235 | 457 | |
Suma la depreciación y la amortización | 126 | - | 126 | 104 | - | 104 | 118 | - | 118 | |
Volver a agregar gastos basados en acciones | (3) | - | (3) | 72 | - | 72 | - | - | - | |
EBITDA profit / loss from underlying operations | 44 | (770) | (726) | (117) | 19 | (98) | 340 | 235 | 575 | |
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Costos financieros | (16) | - | (16) | (13) | - | (13) | (35) | - | (35) | |
Beneficio / (pérdida) antes de impuestos |
| (1,140) | (770) | (1,910) | (306) | 19 | (287) | 187 | 235 | 422 |
Taxation | - | - | - | - | - | - | 354 | - | 354 | |
Ganancia / (pérdida) integral total del período | (1,140) | (770) | (1,910) | (306) | 19 | (287) | 541 | 235 | 776 | |
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Profit / (loss) and total comprehensive profit / (loss) attributable to: |
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Propietarios del padre | (1,268) | (770) | (2,038) | (300) | 19 | (281) | 674 | 235 | 909 | |
Interes no controlado | 128 | - | 128 | (6) | - | (6) | (133) | - | (133) | |
Profit / (loss) and total comprehensive profit / (loss) | (1,140) | (770) | (1,910) | (306) | 19 | (287) | 541 | 235 | 776 | |
Profit / (loss) per share (pence) | 8 | (0.58) |
| (0.09) | 0.23 |
Balance general consolidado condensado (no auditado)
a 31 de diciembre de 2023
Al 31 de diciembre de 2023 | Al 30 de junio de 2023 | Al 31 de diciembre de 2022 | ||
Note | 000 £ | 000 £ | 000 £ | |
Goodwill | 617 | 614 | 615 | |
Otros activos intangibles | 47 | 80 | 106 | |
Propiedad, planta y equipo. | 1,775 | 1,817 | 1,825 | |
Impuesto diferido | 1,308 | 1,309 | 1,308 | |
Total del activo no corriente |
| 3,747 | 3,820 | 3,854 |
Los inventarios | 374 | 459 | 485 | |
Cuentas comerciales y otras cuentas por cobrar | 3, 149 | 4,818 | 4,808 | |
Efectivo y equivalentes de efectivo | (191) | 54 | 289 | |
Activos corrientes totales |
| 3, 332 | 5,331 | 5,582 |
Cuenta por cobrar no corriente | 10 | 363 | 369 | 593 |
Activos totales |
| 7, 442 | 9,520 | 10,029 |
Llamado capital social | 11 | 331 | 331 | 331 |
Reserva de pago basada en acciones | 427 | 433 | 964 | |
Reserva de revalorización | 139 | 139 | 139 | |
Ganancias retenidas | 4, 599 | 6,899 | 6,503 | |
Patrimonio atribuible a |
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Propietarios del padre | 5, 496 | 7,802 | 7,937 | |
Interes no controlado | (400) | (528) | (522) | |
Accionistas totales |
| 5,096 | 7,274 | 7,415 |
Préstamos no corrientes | 12 | 137 | 49 | 27 |
Total pasivo no corriente |
| 137 | 49 | 27 |
Préstamo actual | 12 | 316 | 182 | 194 |
Pasivos contractuales | 85 | 69 | 80 | |
Comerciales y otras cuentas a pagar | 1,808 | 1,946 | 2,313 | |
Total pasivo corriente |
| 2,209 | 2,197 | 2,587 |
Responsabilidad total |
| 2,346 | 2,246 | 2,614 |
Responsabilidad total y patrimonio neto |
| 7,442 | 9,520 | 10,029 |
Estado de cambios en el patrimonio neto condensado consolidado (no auditado)
por los seis meses terminados el 31 de diciembre de 2023
Llamado capital social | Compartir cuenta premium | Reserva de alivio para fusiones | Reserva de pago basada en acciones | Reserva de revalorización | Ganancias retenidas | Total | Interes no controlado | Equidad total de los accionistas | |
| 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ |
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Como a los 1st Julio 2023 | 331 | - | - | 433 | 139 | 6,899 | 7,802 | (528) | 7,274 |
Pérdida del período | - | - | - | - | - | (2,038) | (2,038) | 128 | (1,910) |
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Gasto integral total del Período | - | - | - | - | - | (2,038) | (2,038) | 128 | (1,910) |
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Transacciones con propietarios en su calidad de propietarios: |
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Caducidad/renuncia de Opciones sobre Acciones | - | - | - | (6) | - | 5 | (1) | - | (1) |
Movimiento del tipo de cambio en acciones | - | - | - | - | - | (267) | (267) | - | (267) |
Transacciones con propietarios | - | - | - | (6) | - | (262) | (268) | - | (268) |
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Al 30 de diciembre de 2023 | 331 | - | - | 427 | 139 | 4,599 | 5,496 | (400) | 5,096 |
para los seis meses terminados el 30 de junio de 2023
Llamado capital social | Compartir cuenta premium | Reserva de alivio para fusiones | Reserva de pago basada en acciones | Reserva de revalorización | Ganancias retenidas | Total | Interes no controlado | Equidad total de los accionistas | |
000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | |
Como a los 1st 2023 de enero | 331 | - | - | 964 | 139 | 6,503 | 7,937 | (522) | 7,415 |
Pérdida del período | - | - | - | - | - | (281) | (281) | (6) | (287) |
Gasto integral total del Período | - | - | - | - | - | (281) | (281) | (6) | (287) |
Transacciones con propietarios en su calidad de propietarios: | |||||||||
Caducidad/renuncia de Opciones sobre Acciones | - | - | - | (603) | - | 603 | - | - | - |
Emisión de nuevos warrants y opciones sobre acciones | - | - | - | 72 | - | - | 72 | - | 72 |
Movimiento del tipo de cambio en acciones | - | - | - | - | - | 74 | 74 | 74 | |
Transacciones con propietarios | - | - | - | (531) | - | 677 | 146 | - | 146 |
A 30 de junio de 2023 | 331 | - | - | 433 | 139 | 6,899 | 7,802 | (528) | 7,274
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por los seis meses terminados el 31 de diciembre de 2022
Llamado capital social | Compartir cuenta premium | Reserva de alivio para fusiones | Reserva de pago basada en acciones | Reserva de revalorización | Ganancias retenidas | Total | Interes no controlado | Total |
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| 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ |
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Al 1 de julio de 2022 | 331 | - | - | 1,007 | 139 | 5,589 | 7,066 | (390) | 6,676 |
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Beneficio del período | - | - | - | - | - | 909 | 909 | (133) | 776 |
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Resultado integral total del período | - | - | - | - | - | 909 | 909 | (133) | 776 |
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Transacciones con propietarios en su calidad de propietarios: | |||||||||||||||||
Caducidad de las opciones sobre acciones | - | - | - | (43) | - | 43 | - | - | - |
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Otros movimientos en el patrimonio | - | - | - | - | - | (38) | (38) | 1 | (37) |
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Transacciones con propietarios | - | - | - | (43) | - | 5 | (38) | 1 | (37) |
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Al 31 de diciembre de 2022 | 331 | - | - | 964 | 139 | 6,503 | 7,937 | (522) | 7,415 |
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Estado de flujo de efectivo consolidado (no auditado)
por los seis meses terminados el 31 de diciembre de 2023
Seis meses finalizados el 31 de diciembre de 2023 | Seis meses terminados el 30 de junio de 2023 | Seis meses finalizados el 31 de diciembre de 2022 | |||
Total | Total | Total | |||
Note | 000 £ | 000 £ | 000 £ | ||
Pérdida después de impuestos |
| (1,910) | (287) | 776 | |
Impuestos | - | - | (354) | ||
Pérdida antes de impuestos |
| (1,910) | (287) | 422 | |
Ajustes no monetarios | 9 | (118) | 230 | 116 | |
Cambios netos en el capital de trabajo | 9 | 1,638 | (135) | (744) | |
Salida de efectivo de las actividades operativas |
| (390) | (192) | (682) | |
Actividades de inversión |
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Compra de propiedad, planta y equipo |
| (77) | (66) | 21 | |
Compra de activos intangibles |
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| - | (12) | |
Salida de efectivo de las actividades de inversión |
| (77) | (66) | 9 | |
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Actividades de financiación |
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Aumento en deudas | 168 | 36 | (50) | ||
Costo financiero |
| 54 | (4) | (37) | |
Disposición del préstamo |
| - | (9) | 185 | |
Otros pagos de préstamos, incluidos los intereses |
| - | - | (10) | |
Entrada de efectivo de actividades de financiación |
| 222 | 23 | 88 | |
Disminución del efectivo y equivalentes al efectivo en el Periodo |
| (245) | (235) | (109) | |
Efectivo y equivalentes de efectivo al inicio del Período |
| 54 | 289 | 398 | |
Efectivo y equivalentes de efectivo al final del Período |
| (191) | 54 | 289 | |
Notas a los estados financieros no auditados
por los seis meses terminados el 31 de diciembre de 2023
1. Información general y naturaleza de las operaciones
This condensed consolidated interim financial report for the half-year reporting period ended 31 December 2023 has been prepared in accordance with Accounting Standard IAS 34 Interim Financial Reporting. These unaudited interim financial statements were approved by the board on 27 March 2024. The 31 December 2022 numbers are extracted from the Group's audited accounts.
El informe intermedio no incluye todas las notas del tipo normalmente incluido en un informe financiero anual. En consecuencia, este informe debe leerse junto con el informe anual para el año que finalizó el 31 de diciembre de 2022 y cualquier anuncio público realizado por Westminster Group Plc durante el período de informe intermedio.
Westminster Group Plc (the "Company") was incorporated on 7 April 2000 and is domiciled and incorporated in the United Kingdom and quoted on AIM. The Group's financial statements for the six-month period ended 31 December 2023 consolidate the individual financial information of the Company and its subsidiaries. The Group designs, supplies and provides advanced technology security solutions and services to governmental and non-governmental organisations on a global basis.
The Group does not show any distinct seasonality although traditionally the second half of the year is stronger than the first.
2. Cambios significativos en el período de informe actual
There were no major changes, however the Ghana contract has now been settled as explained in the Chief Executive Officers review.
3. Base de preparación
This condensed consolidated interim financial report for the half-year reporting period ended 31 December 2023 has been prepared in accordance with Accounting Standard IAS 34 Interim Financial Reporting.
El informe intermedio no incluye todas las notas del tipo normalmente incluido en un informe financiero anual. En consecuencia, este informe debe leerse junto con el informe anual del año finalizado el 31 de diciembre de 2022 y cualquier anuncio público realizado por Westminster Group Plc durante el período de informe intermedio.
Las políticas contables adoptadas son consistentes con las del ejercicio financiero anterior y el correspondiente período intermedio de información y la adopción de normas nuevas y modificadas como se establece a continuación.
These consolidated interim financial statements for the six months ended 31 December 2023 have neither been audited nor formally reviewed by the Group's auditors. The financial information for the six months ended 31 December 2022 set out in this interim report does not constitute statutory accounts as defined in section 435 of the Companies Act 2006 but is derived from those accounts.
The statutory financial statements for the year ended 31 December 2022 have been reported on by the Company's auditors and delivered to the Registrar of Companies. A copy is available at https://www.wsg-corporate.com/investor-relations/publications/.
3(a) Normas nuevas y modificadas adoptadas por el Grupo
Las siguientes normas nuevas o modificadas relevantes para el grupo pasaron a ser aplicables para el período de informe actual.
· NIC 1 - Presentación de estados financieros
· NIC 8 - Políticas Contables, Cambios en Estimaciones Contables y Errores
· Impuesto Diferido Relacionado con Activos y Pasivos Surgidos de una Transacción Única - Modificaciones a la NIC 12
· NIC 16 - Propiedades, Planta y Equipo
· NIC 37 - Provisiones, pasivos contingentes y activos contingentes
· Impuestos a la Renta (Modificaciones a la NIC 12)
El Grupo no tuvo que cambiar sus políticas contables ni hacer ajustes retroactivos como resultado de la adopción de estas normas.
3 (b) Impacto de las normas emitidas pero aún no aplicadas por la entidad
El Grupo no espera verse afectado significativamente por la adopción de Normas emitidas pero aún no aplicadas.
4. Preocupación continua
The directors have considered the way the Group has continued to trade. Projections have demonstrated that the group has sufficient funds to perform its obligations. At the time of approving this interim report, and in view of the foregoing, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
5. Informes por segmento
Segmentos operativos
El Directorio considera al Grupo sobre la base de una Unidad de Negocios. Los informes por Unidad de Negocio son utilizados por los máximos responsables de la toma de decisiones del Grupo. Las Unidades de Negocio que operaron durante el Período son las principales líneas de trabajo operativas, Servicios y Tecnología (productos y soluciones).
6 meses al 31 de diciembre de 2023 | Servicios Gestionados | Tecnología | Discontinuado | Grupo y Central | Total del grupo | |
000 £ | 000 £ | 000 £ | 000 £ | 000 £ | ||
Suministro de productos | - | 332 | - | - | 332 | |
Contratos de suministro e instalación | - | - | - | - | - | |
Mantenimiento y servicios | 2,080 | 256 | - | - | 2,336 | |
Cursos de formación | 189 | 47 | - | - | 236 | |
Ingresos |
| 2,269 | 635 | - | - | 2,904 |
| ||||||
EBITDA subyacente segmentario | 149 | (86) | (770) | (19) | (726) | |
Gastos basados en acciones | - | - | - | 3 | 3 | |
Depreciación y amortización | (32) | (21) | - | (73) | (126) | |
Resultado operativo del segmento |
| 117 | (107) | (770) | (89) | (849) |
Otras ganancias y pérdidas | - | - | - | (1,045) | (1,045) | |
Costo financiero | - | - | - | (16) | (16) | |
Beneficio / (pérdida) antes de impuestos | 117 | (107) | (770) | (1,150) | (1,910) | |
Cargo por impuesto sobre la renta | - | - | - | - | ||
Beneficio / (pérdida) del ejercicio |
| 117 | (107) | (770) | (1,150) | (1,910) |
|
| |||||
Activos del segmento | 4,001 | 1,306 | - | 2,135 | 7,442 | |
Pasivos por segmento | 1,022 | 1,329 | - | (5) | 2,346 | |
Gastos de capital | 128 | - | - | 15 | 143 |
6 meses al 30 de junio de 2023 | Servicios Gestionados | Tecnología | Discontinuado | Grupo y Central | Total del grupo |
000 £ | 000 £ | 000 £ | 000 £ | 000 £ | |
Suministro de productos | - | 379 | - | - | 379 |
Contratos de suministro e instalación | - | 13 | - | - | 13 |
Mantenimiento y servicios | 2,673 | 147 | 89 | - | 2,820 |
Cursos de formación | 263 | 6 | - | - | 269 |
Ingresos | 2,936 | 456 | 89 | - | 3,482 |
|
| ||||
EBITDA subyacente segmentario | 1,705 | (128) | 19 | (1,694) | (98) |
Gastos basados en acciones | - | - | - | (72) | (72) |
Depreciación y amortización | (72) | (2) | - | (30) | (104) |
Resultado operativo del segmento | 1,633 | (130) | 19 | (1,796) | (274) |
Costo financiero | - | (1) | - | (12) | (13) |
Beneficio / (pérdida) antes de impuestos | 1,633 | (131) | 19 | (1,808) | (287) |
Cargo por impuesto sobre la renta | - | - | - | - | - |
Beneficio / (pérdida) del ejercicio | 1,633 | (131) | 19 | (1,808) | (287) |
Activos del segmento | 5,740 | 1,217 | 1,090 | 2,563 | 9,520 |
Pasivos por segmento | 1,155 | 550 | - | 541 | 2,246 |
Gastos de capital | 51 | - | - | 15 | 66 |
6 meses al 31 de diciembre de 2022 | Servicios Gestionados | Tecnología | Discontinuado | Grupo y Central | Total del grupo |
000 £ | 000 £ | 000 £ | 000 £ | 000 £ | |
6 MESES A JUNIO 2023 |
| ||||
Suministro de productos | - | 1,194 | - | - | 1,194 |
Contratos de suministro e instalación | - | 1,080 | - | - | 1,080 |
Mantenimiento y servicios | 2,453 | 183 | 387 | - | 3,023 |
Cursos de formación | 293 | 22 | - | - | 315 |
Ingresos | 2,746 | 2,479 | 387 | - | 5,612 |
|
| ||||
EBITDA subyacente segmentario | 693 | 31 | 235 | (384) | 575 |
Gastos basados en acciones | - | - | - | - | - |
Depreciación y amortización | (36) | (20) | - | (62) | (118) |
Resultado operativo del segmento | 657 | 11 | 235 | (446) | 457 |
Otras ganancias y pérdidas | - | - | - | - | - |
Costo financiero | - | - | - | (35) | (35) |
Beneficio / (pérdida) antes de impuestos | 657 | 11 | 235 | (481) | 422 |
Cargo por impuesto sobre la renta | 40 | - | - | 314 | 354 |
Beneficio / (pérdida) del ejercicio | 697 | 11 | 235 | (167) | 776 |
| |||||
Activos del segmento | 4,886 | 1,453 | 1,090 | 2,600 | 10,029 |
Pasivos por segmento | 878 | 1,387 | 1 | 348 | 2,614 |
Gastos de capital | 113 | 1 | - | 39 | 153 |
The Discontinued segment follows the closure of our Ghana port operation.
Areas geográficas
El negocio internacional del Grupo se lleva a cabo a escala global, con agentes presentes en los principales continentes. La siguiente tabla proporciona un análisis de las ventas del Grupo por mercado geográfico, independientemente del origen de los bienes/servicios.
Seis meses finalizados el 31 de diciembre de 2023 | Seis meses terminados el 30 de junio de 2023 | Seis meses finalizados el 31 de diciembre de 2022 | |
000 £ | 000 £ | 000 £ | |
Reino Unido y Europa | 1,430 | 1,164 | 1,515 |
África | 1,474 | 2,203 | 3,994 |
Oriente Medio | - | 92 | 10 |
Resto del mundo | - | 23 | 93 |
Los ingresos totales | 2,904 | 3,482 | 5,612 |
6. Conciliación del EBITDA ajustado
A continuación se presenta una conciliación del EBITDA ajustado con la utilidad operativa antes del impuesto a las ganancias:
|
| Seis meses finalizados el 31 de diciembre de 2023 | Seis meses terminados el 30 de junio de 2023
| Six month ended 31 December 2022 |
000 £ | 000 £ | 000 £ | ||
(Pérdida) de operaciones | (849) | (274) | 457 | |
Cargos por depreciación, amortización y deterioro | 126 | 104 | 118 | |
EBITDA reportado | (723) | (170) | 575 | |
Gastos basados en acciones | (3) | 72 | - | |
EBITDA ajustado (pérdida) | (726) | (98) | 575 |
Adjusted EBITDA is an alternative performance measure. For further details refer to the 31 December 2022 accounts.
7. Otras ganancias y pérdidas
The RiverFort EPSA has previously described in the 2020, 2021 and 2022 accounts. In 2020 the company received a £1.5m mezzanine loan under the RiverFort EPSA. At the same time under the EPSA the company issued 14m shares and booked a sundry debt of £1.75m. The loan was to be repaid and the sundry debt settled by selling down the shares. The mezzanine loan was fully repaid in December 2020. As at the 31 December 2023 there remained 4,300,696 Westminster shares, held to the company's order equally by RiverFort & YAII, the proceeds of which, when sold, will be for the benefit of Westminster. If those shares had been sold at 31 December 2023, due to the low share price at that time, the company would have received proceeds of £68,811.14 but would have incurred a book loss of £1.05m. Whilst the company can choose to enact the sale of these shares at any time, it has not done so and there is no reason nor pressure to do so until the company's share price has reached a target price of 26p. The Company believes that with imminent and expected new long-term contracts to be gained over the next 24 months the target price or higher can be achieved in due course at which time the shares can be sold for the benefit of the Company. In the meantime, for the sake of good governance it has been decided to mark to market the underlying shares as at 31 December 2023 and make a provision of £1.05m in Sundry Gains and Losses. This accounting treatment reflects the current fair value of the underlying shares. This provision will be assessed at each accounting reporting date against the market share price until such time as the shares are sold, should, as the board anticipates, the price be higher than the current market price with any change in the provision being recognised in future Profit & Loss statements.
8. Información del estado de resultados
a. Elementos importantes
Other than disclosed elsewhere, the loss for the half year to 31 December 2023 includes no items that are unusual because of their nature, size or incidence.
b. Impuesto sobre la renta
El gasto por impuesto a las ganancias se reconoce con base en la estimación de la administración. El Grupo tiene pérdidas fiscales significativas en el Reino Unido derivadas de años anteriores y no espera tener que aportar ningún importe material por concepto de impuestos.
Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. The Group's projections show the expectation of future profits, hence in 2018 a deferred tax asset was recognised. Reviews were performed in subsequent years which has confirmed those expectations.
c. Pérdida por acción
Earnings / Loss per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the Period. For diluted earnings per share the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. Only those outstanding options that have an exercise price below the average market share price in the Period have been included. For each period, the issue of additional shares on exercise of outstanding share options would decrease the basic loss per share and therefore there is no dilutive effect.
El número medio ponderado de acciones ordinarias se calcula de la siguiente manera:
Seis meses finalizados el 31 de diciembre de 2023 | Seis meses terminados el 30 de junio de 2023 | Six month ended 31 December 2022 | |
'000 | '000 | '000 | |
Número de acciones ordinarias emitidas al inicio del período | 330,515 | 330,515 | 330,515 |
Promedio ponderado del número básico y diluido de acciones del período | 330,515 | 330,515 | 330,515 |
000 £ | 000 £ | 000 £ | |
Pérdida y gasto integral total | (1,910) | (287) | 776 |
| |||
Pérdida por acción | (0.58) p | (0.09) p | 0.23p |
9. Ajustes de flujo de efectivo y cambios en el capital de trabajo
Seis meses finalizados el 31 de diciembre de 2023 | Seis meses terminados el 30 de junio de 2023 | Seis meses finalizados el 31 de diciembre de 2022 | |
Total | Total | Total | |
000 £ | 000 £ | 000 £ | |
Ajuste por partidas no monetarias |
| ||
Depreciación, amortización y deterioro de activos no financieros | 126 | 104 | 118 |
Costos financieros | 16 | 13 | 35 |
Movimiento del derecho de uso del activo | 16 | 50 | (28) |
(Utilidad) por enajenación de activos no financieros | 8 | (5) | (4) |
Ajuste de intereses de la NIIF 16 | - | (4) | (5) |
(Increase)/decrease in Deferred Tax Asset | 1 | - | - |
efecto de efectos especiales | (282) | - | - |
Gastos de pago basados en acciones | (3) | 72 | - |
Ajustes totales | (118) | 230 | 116 |
Cambios netos en el capital de trabajo: |
| ||
Disminución / (aumento) de inventarios | 85 | 26 | 310 |
Disminución / (aumento) de cuentas por cobrar comerciales y otras | 1,669 | (10) | (1,061) |
Disminución / (aumento) en cuentas por cobrar a largo plazo | 6 | 224 | (182) |
Aumento / (disminución) de los pasivos contractuales | 16 | (11) | 11 |
Aumento / (disminución) de cuentas comerciales y otras cuentas por pagar | (138) | (364) | 178 |
Total aumento / (disminución) en capital de trabajo | 1,638 | (135) | (744) |
10. Non-current Receivable
Al 31 de diciembre de 2023 | Al 30 de junio de 2023 | Al 31 de diciembre de 2022 | |
Sierra Queen | 363 | 369 | 593 |
363 | 369 | 593 |
The Sierra Queen was a vessel owned by Sovereign Ferries which was sold in December 2019 into the Mediterranean leisure market. The pandemic and subsequent technical issues with the boat have meant that we have had to renegotiate the payment plan which now stretches out to May 2029. In order to secure this debt the Group had received cross guarantees from sister companies of the purchaser as well as a personal guarantee from the owner and reservation of title over the vessel. Whilst this is stretching out management consider that this is collectable.
11. Llamado capital social
Capital social ordinario | 6 months to 31st December 2023 | 6 meses al 30 de junio de 2023 | 6 months to 31st December 2022 | |||
Número | 000 £ | Número | 000 £ | Número | 000 £ | |
Al comienzo del período | 330,514,660 | 331 | 330,514,660 | 331 | 330,514,660 | 331 |
Surgidos del ejercicio de opciones sobre acciones y warrants | - | - | - | - | - | - |
Otro problema por dinero en efectivo | - | - | - | - | - | - |
Al final del período | 330,514,660 | 331 | 330,514,660 | 331 | 330,514,660 | 331 |
12. Préstamos
Seis meses finalizados el 31 de diciembre de 2023 | Seis meses terminados el 30 de junio de 2023 | 6 meses terminados el 31 de diciembre de 2022 | |
000 £ | 000 £ | 000 £ | |
Préstamos actuales (con vencimiento < 1 año) |
| ||
Préstamo | 280 | 112 | 132 |
Deuda de arrendamiento | 36 | 70 | 62 |
Total de préstamos corrientes | 316 | 182 | 194 |
Deuda financiera no corriente (vencimiento > 1 año) |
| ||
Deuda de arrendamiento | 137 | 49 | 27 |
Total de préstamos no corrientes | 137 | 49 | 27 |
Total de préstamos | 453 | 231 | 221 |
13. Contingencias
En febrero de 2021, Clydesdale Bank PLC, que cotizaba como Yorkshire Bank, ofreció al Grupo un sobregiro y otras facilidades bancarias. Como condición de estas facilidades, la Compañía suscribió un cargo y garantía multilateral con respecto a los descubiertos bancarios y otras facilidades de todas las empresas del Grupo.
14. Eventos posteriores al período sobre el que se informa
There are no significant events to report after the period end, other than as noted in the report.
15. Copias de estados financieros intermedios
Una copia de estos estados financieros intermedios está disponible en el sitio web de la Compañía, www.wsg-corporate.com y del Secretario de la empresa en el domicilio social de la empresa, Westminster House, Blacklocks Hill, Banbury, Oxfordshire, OX17 2BS.
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.