BANBURY, UK--Westminster Group, a designer of tailored security systems targeting niche markets around the world, announced in late April record results for the 2008 fiscal year, and began 2009 strongly by nailing down two significant orders in the Middle East.

Westminster's revenues were up 100 percent on the year in 2008, reaching GBP 5.5mln (approximately EUR 6.2mln), while the company's contracted order book grew by 180 percent on the year to GBP 4.2mln (EUR 4.7mln).  Gross profit margin held steady at 35 percent, and the company, which is debt free and has net cash on hand of some GBP 600,000, showed a maiden profit after tax in 2008 of GBP 204,000.

Westminster's record year was marked by several key developments, including the establishment of a new office for the Middle East in Abu Dhabi, and one for the Asian market in Malaysia; winning a USD 4.7mln contract from the government of Southern Sudan to provide all security at the Juba airport; and an overhaul of the company's online presence which resulted in the creation of what it describes as one of the largest security Web sites in the world.

With a very good 2008 behind it, the company is looking to the future with optimism. "We're feeling quite bullish about 2009 and on into 2010 at the moment," said Westminster Group CEO Peter Fowler. That's due in part to the company's strong start this year, which has seen a further GBP 3.5mln in orders added in 1Q 2009.

One of those new projects, announced in April, is a EUR 2mln contract for a unique installation to protect the new Nagaa Hammadi Dam complex on the Nile river, which will see Westminster supply and install a complex system to prevent access to the dam from either ships or divers while also protecting the hydraulic control structure from the tons of debris floating down the river daily.

The company also recently announced a GBP 1mln (EUR 1.3mln) contract to supply and install high security scanning portals to airports across Iraq. That deal will see Westminster deliver its ThruPort system, a self-contained, rapidly deployable scanning solution developed in cooperation with ThruVision, which is built within a specialized ISO shipping container. The system, which can be controlled and monitored remotely, is designed to be installed some distance from a main building, like an airport terminal, to carry out screening and deal with breaches before perpetrators enter the actual facility.

Going forward, Fowler said Westminster will focus on capitalizing on the organic growth it's been building up. At the same time, he said that considering the present economic climate, there's also ample  opportunity for expanding through acquisition. Westminster recently bought the Longmoor Group, a specialist in close protection, in a deal worth up to GBP 2.4mln, and the buying may very well continue this year. "We certainly have an eye on growing our business with some targeted acquisitions," said Fowler.