Westminster cuts its losses (From The Oxford Times)

Westminster cuts its losses

10:25am Friday 28th September 2012 in Business By Andrew Smith, Business Editor. Call me on 01865 425460

Security firm Westminster Group has revealed it has managed to cut its losses significantly in the first half of the year.

The Banbury-based company, which supplies sophisticated electronic systems to clients around the world, made a pre-tax loss of £327,000 for the six months to June 30, compared to £2.055m for the same period last year.

Revenues grew by 220 per cent to £5.72m boosted by recent contract wins in West Africa.

Chief executive Peter Fowler said: “2012 has so far represented a quantum leap for Westminster both strategically and financially. These results demonstrate the continued momentum in the business that has been building over recent years.”