SECURITY and fire protection consultancy Westminster warned that cost-cutting measures were on the cards after declaring an operating loss of more than £2m for 2010.
The company, based in Banbury, said Government contracts worldwide had dried up because of public spending cuts but said it was working hard to win new business, particularly in the Middle East.
It said in a statment: “The board recognises that if Westminster does not enter into a new major contract before March 31, 2011, it will need to put into place a number of cost reduction measures in order to provide additional working capital headroom until a new major contract is signed.”
It is concentrating on winning sales from governments more likely to be able to award significant contracts, particularly in the Middle East, and said that some were “very close to fruition”.
The company has enough funds to last for 12 months, due to a £1.75m contract with Southern Sudan announced last month.
Chief executive Peter Fowler led a management buy-out in the 1990s. The company originally made burglar alarms.
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