Westminster Share Discussion Threads

[graham1ty] 30/6/2016 07:02

Misty, yes. Peter told me this, Peter told me that, probably from people who were not there !

[misty12] 29/6/2016 23:39

looking forward to lies and deception?
Tune into LSE tomorrow post AGM folks, it will be flowing freely.

[threeputt] 28/6/2016 21:15

Wondering if Security personnel at Lunghi make up some of the admin number. Good probing questions Graham, I have to assume HH have made similar enquiries prior to adding

[stevewhall] 28/6/2016 20:55

Yes some of those accounting numbers don't inspire confidence. Would love to know why they need 20 admin staff..but only 3 sales ?!?Size of the current business/revenues does not require 20 admin staff for hr payroll finance credit control etc. Let's hope someone asks some probing questions at the agmCome on wsg..sign something!

[graham1ty] 27/6/2016 16:58

Was thinking of going to the AGM on Thurs so looked a little at the Accounts. Just a few thoughts:

1) cost savings all round, we know that.....er, except pay rises for Peter Fowler and Stuart Fowler. All other Board members paid less and non Execs pay slashed ( down from £81,000 to £51,000). But at least the top few do not have to share the pain.
2) New cars bought at a cost of £102,000. In the days of PCPs why on earth are the buying cars ( presumably for the Execs ?)
3) they reveal the overhead of running a non-ferry. It cost another £375,000 in the first four months, so just under £100,000 per month. Presumably some capex and keeping Captain etc employed.
4) they made a lot of recruiting ex Naval personnel to run the ferry. It is quietly stated that "we have learnt lessons from past issues and we have replaced much of the initial management team". They have also engaged a marine and risk management specialist to look at the ferry. It is now a "potentially" highly valuable project. Only potentially ?
5) the ferry was damaged first ( the bent prop etc) "while on a temporary mooring". Hang on, we all assumed it bashed into something. How did they bend the prop shaft on a mooring ?
6) note 8 reveals they have capitalised £250,000" of the staff costs for setting up the ferry .....why ? They are costs incurred, down the tubes, of no continuing value. Not an asset like a boat. How can that be right ?
7) note 8 reveals that they have 20 people in admin, but only 3 in sales ( cut from 5 the previous year). So cutting costs by having no sales people ?
8) they reveal that the Mexican franchise has produced nothing ( despite a significant obligation, that would allow WSG to walk away) but they "remain confident in delivering on their revenue commitments in due course". The agreement obliged the Mexican franchisee to produce £1.5m of new business this year, and pay a c£190,000 franchise fee. I doubt that has been paid....
9) amazingly WSG is in arrears in payments to HMRC. So they get help from embassies, trade bodies, etc etc, but they are "subject to payment schemes which the Group adheres to"
10) they helpfully include KPIs. 63,000 passengers through Lungi last year. That is 180 per day. Hardly Heathrow......
11) they also,show a c20% fall in enquiries per month, but a 60% fall in the average value.
12) the balance sheet continues to deteriorate. Shareholders funds are now just £1.69m ( pre the fundraise).
13) they appear to have capitalised ALL the costs, including delivery and repair of the SQ. We know that it cost c£1.25m and they have spent another £1.02m on set up. They capitalised £2.436m of "plant and equipment". Should the repairs have been capitalised ? Is the SQ really worth more because it has had to be mended ? Is it really worth £2.5m when they only paid £1.25m for it ? ( obviously some of the capitalised cost may be jetties, and other kit ( though would they not be called "property" ?).
14) and they do not seem to be depreciating the SQ ? In 2014 the depreciation charge was £72,000 on plant and equipment of net book value £271,000. In 2015, despite the addition of £2.436m of "plant and equipment", the depreciation charge rose by just £31,000 to £104,000. Even grossing that up, it represents a charge of just 4% of assets. Ah, I have found it: the boat is being depreciated over 21 years. In those conditions, for an already second hand boat, is it going to last 21 years ? For goodness sake it has not yet lasted a day actually with fare paying passengers.
15) the accounts are signed off as a "going concern". They use a start date for the ferry in the third quarter (!!). If they fail to meet revenue targets they "have a range of options including cost reductions and realisation of non core assets". Did Moore Stephens only sign these off once they knew the fundraising was going ahead ? It is not a going concern without that.
16) I have been trying to add up delays. East Africa MOU was Nov 2012 so that is 43 months late; Asia was Feb 2015 so is 16 months late; "new geographical location" was Oct 2015 so 8 months late; the next East Africa was Dec 2015 so 7 months late; American bridge was April 2015 but now has "no confirmation as to completion timescales"; the Mexican franchise monies are, as above, now a year late; the $4.4m American consultancy project was announced in Dec 2014 but is "unlikely to be completed in 2016" so now two years late; the pipeline protection project has gone away; and last but not least the ferry contract signed in Nov 2014 is now 19 months late. I total those as over ten years of cumulative delays. Are WSG just unlucky ?
17) note 3 they say that "underlying EBITDA for Lungi was £1.264m". Hooray. But hang on, they have added back an exceptional item "loss of margin from fall in passenger numbers due to Ebola". So, they add back in what "might have been". Why do they not just report the whole of WSG with 10m passengers per annum, then subtract "those did not get". You cannot pretend that what never happened, did happen. It is made up numbers. The real number revealed is that Lungi broke even, but after allocation of central overheads it lost £905,000. Come on, that is the real number.
18) we have heard a lot about the Middle East and it crops up again and again in Tech division contracts. But total revenue from the Middle East was.....er, just £204,000. That is just £17,000 per month. Hardly mega.
19) note 19 receivables have fallen from £2.04m to just £484,000. That partly reflects the shrinking business, but also suggests they pulled in every penny they could before the year end.
20) note 21 "the Company intends to abolish the authorised share capital list at the AGM". Love it ! As authorised capital is 80m shares, and they have just issued shares up to......80m so it was not just the 10p nominal value that was a problem, they do not have the authorised capital either !!!
21) note 22 I do not remember seeing this level of detail on their 2012 Business Development Partner. They were given wedges of options if they could deliver £5m of revenue and wedges more at £30m of revenue !!! Those were the dreamy days !! A second different strategic partner in 2014 was given options ( at 85p, ha ha) if they could source £5m of new business and wedges more if they could produce £8m of annual RECURRING revenue by 2017. Dream on. Why has WSG not walked away fro all of these. They have failed to deliver.

Enough, lots of AGM questions.

[kreature] 24/6/2016 15:13

Nothing about the rescue boat in there? Did it arrive ok, or has it sunk?

[tidy 2] 24/6/2016 14:05

Good news here nice confidence boost

[tidy 2] 24/6/2016 14:05

Westminster Group Plc:BrexitWestminster Group Plc ('Westminster' or the 'Company'), the AIM listed supplier of managed services and technology based security solutions to governments and government agencies, non-governmental organisations (NGO's) and blue chip commercial organisations worldwide believes that the UK's decision to leave the EU will have little material effect on the Company's business.The Company's business and major value creation opportunities are predominantly focussed on high growth and emerging markets outside of the Eurozone, such as Africa, the Middle East and Asia. As much of the Company's current revenues are in USD, including airline receipts, they more than cover any USD linked expenditure and the Company therefore expects that any reduction in the value of Sterling will have a positive impact on Sterling reported results. The Company also adopts appropriate hedging strategies as necessary.

[pippin6] 24/6/2016 13:51

Fair play in getting that RNS out, there's not a lot of stock about, I've had a buy order in at 11.5 that didn't get filled.

[someuwin] 23/6/2016 11:13

Security Screening Equipment New Contract Award – UAE

June 23rd, 2016

Westminster Group Plc announces that its subsidiary Westminster International Ltd has secured a new contract for the supply of security screening equipment to a company in the UAE for onward supply and installation in a Hotel.

The contract includes the supply, commissioning and operator training of X-Ray Baggage Scanners.

Westminster’s experience, expertise and international presence means companies and governments around the world, such as this, are able to procure specialist security services and equipment from a known and trusted source with confidence.

[misty12] 23/6/2016 00:35

Cymru am byth!

[someuwin] 22/6/2016 16:10

Security Screening Equipment New Contract Award – West Africa

22 Jun 2016

Westminster announces that it has secured a new contract for the supply of security screening equipment to a West African Government.

The contract includes the supply, commissioning and operator training of X-Ray Baggage Scanners, Walk Through Metal Detectors and Portable Under Vehicles Surveillance Systems.

Westminster’s experience, expertise and international presence means Government and companies around the world, such as this, are able to procure specialist services and equipment from a known and trusted source with confidence.

Follow this link to see a range these systems: X-Ray Baggage Scanners, Walk Through Metal Detectors and Under Vehicles Surveillance Systems.

[bernieboy] 22/6/2016 09:55

Jxman thanks for the advice I will sell my entire holding now.

[someuwin] 22/6/2016 09:00

Not much stock available.

Expect further rises imo.

[jxman] 22/6/2016 07:44

Prediction wrong. There is only one outcome here administration

[graham1ty] 21/6/2016 21:17

Rather than launching a new website, how about launching a ferry. It is 11 weeks since the SQ hit the underwater object ( 5 April) and they then said the jetty would be free in "a week" then in "7-10" days. We have no indication what the "minor damage" is ( yes that is what they called it) and no indication that they are anywhere close to fixing it.

Oh well.

[someuwin] 21/6/2016 16:51

Westminster Int. Ltd ‏@WestminsterInt · 26 minutes ago

New Westminster International Website

[bernieboy] 21/6/2016 11:51

Guess I got that prediction pretty bad! :-(

[misty12] 21/6/2016 00:38

Toulouse!!!!!!!!!!

[bernieboy] 20/6/2016 20:56

Think it's going up further again tomorrow someuwin.....

[someuwin] 20/6/2016 19:47

No. 7 top riser. Up over 17%.

Not too bad.

[someuwin] 20/6/2016 09:23

Moving up ahead of news imo