Business

Shares in this security firm are plummeting due to the Trump-Iran spat

London-listed fire safety company Westminster Group has seen its shares plummet today for the second day running, after it decided to suspend one of its recently announced projects in Iran.

The business has lost 30 per cent of its market value since yesterday, when it warned that it would have to put the brakes on a long-term business project it had located in "one of the 60-plus airports in Iran".

It said that Trump's decision to withdraw from the agreement which saw Iran scrap its nuclear programme, and instead slap US sanctions on the country, "has created uncertainty both in Iran and the international business community and impacts Westminster's project".

Read more: Donald Trump pulls US out of landmark Iran nuclear agreement

Westminster said it would further investigate the impact of the US withdrawal from the agreement and the "implications for the company's supply chain, including the potential replacement of some equipment suppliers".

However the firm was keen to note that the services and equipment it would have supplied were not caught by current sanctions, and that it had received "considerable UK government support" to ensure compliance with international regulations and sanctions.

Westminster provides technologies such as surveillance, tracking, and interception to airports, ports and similar organisations. It has a network of agents and offices in more than 50 countries.

Read more: World leaders united in "deep regret" at Trump's Iran move

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