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Westminster Group 1H Pretax Loss Widens; Exits Sierra Leone Ferry Service

22 Sep 2017 7:51 am

By Adam Clark

Westminster Group PLC (WSG.LN) Friday reported a widened pretax loss for the first half of 2017, after booking higher costs following the failed launch of ferry services in Sierra Leone.

The security services and technology company posted a loss of 1.4 million pounds ($1.9 million) for the six months ended June 30, compared with a loss of GBP800,000 a year earlier.

Revenue rose to GBP2.9 million, compared with GBP2 million a year earlier, following growth in its managed services and technology divisions.

However, administrative expenses rose to GBP2.9 million, from GBP1.7 million, partly driven by its Sierra Leone ferry services project, which the firm has now decided to exit. Westminster Group said passenger growth and financial performance of the ferry services didn't meet expectations, and it has reached an agreement with local firm Sea Coach Express to take over the operation.

Shares were down 13%, or 1.87 pence, at 12.88 pence, at 0839 GMT.

Write to Adam Clark at adam.clark@dowjones.com

(END) Dow Jones Newswires

September 22, 2017 03:51 ET (07:51 GMT)

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