Final results to the 12 months to 31 December 2014 do not look good for Westminster Group (LSE: WSG), the Aim listed supplier of managed services and technology:
Financial pressures from Ebola with lower passenger volumes and increased costs largely mitigated by timely fundraising and cost reductions.
The income statement says it all:
Another year of losses due to:
- Reduced revenues and
- High administrative expenses
The cash flow statement also has a MAJOR red flag alluded to from ‘timely fundraising and cost reductions’:
Like Clontarf Energy (LSE: CLON) Westminster likes to issue shares as a means of staying afloat.
It always amuses me when companies are ‘pleased to announce’ a set of results like this as the only ones who can be pleased are the highly paid executives.
No need even consult the balance sheet: this is yet another AIM listed bargepole stock.