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Mortice expects results to be broadly in line with prior year

Wed, 01st Aug 2018 14:47

(Sharecast News) - Security and facilities management company Mortice updated the market on its trading for the 12 months ended 31 March on Wednesday, reporting a 21% improvement in revenue to $219m.The AIM-traded firm said adjusted EBITDA was expected to be $9.5m, slightly lower than the $9.6m reported in the prior year.It said the Indian market had continued to grow "strongly", however the UK market was more difficult, which adversely affected the cost of supplying contracts.Looking more closely at the books, security services sales were up 20% to $118m, while facilities management revenues rose 22% to $101m.Its geographical revenue mix was exactly the same at the prior year, with 64% of revenue coming from India, 31% from the UK, and 5% from Singapore.Its adjusted profit before tax was down 15.6% to $3.9 m, with the board saying its adjusted profit after tax was "broadly in line" with the prior year at $2.7m.Net debt stood at $18.4m, widening from $13.5m a year earlier, with the board noting that $3.12m of debt had been raised to fund the acquisition of 2.33 million shares from UK vendors."New clients [were] added during the period, including J&K Bank, Bharat Oman Refineries, HCL Technologies and STT Global in India and Maple Tree, Ripple Bay in Singapore," the board said in its statement."More than 90% of income [was] generated from repeat business."It said a cost optimisation programme had been undertaken with Office & General, and Frontline Security was now fully integrated and rebranded under the Tenon FM brand."The financial results for the year to 31 March are expected to be announced in August."
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15 Jul 2019 17:46

Mortice Asks Shareholders For Permission To Cancel Shares On AIM

(Alliance News) - Mortice Ltd said Monday cancelling its shares on London's AIM are in the "best interests" of the company's shareholders.Mortice will hold an meeting on 7

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27 Sep 2018 14:39

Mortice loses 18pc of UK revenue as it fails to renew major contract

(Sharecast News) - Security and facilities management company Mortice announced on Thursday that its subsidiary Tenon FM lost a competitive bid for its existing UK contract with University College London (UCL).

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27 Sep 2018 13:58

Mortice Loses University College of London Contract, 18% Of UK Revenue

LONDON (Alliance News) - Mortice Ltd, a security and facilities management company, said Thursday its unit Tenon FM has lost a competitive bid for its existing contract with University College of

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17 Sep 2018 16:08

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23 Aug 2018 14:20

Mortice performs well despite UK challenges

(Sharecast News) - Security and facilities management company Mortice announced its audited results for the year ended 31 March on Thursday, reporting a 21% rise in revenues to $219m.

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23 Aug 2018 10:41

Mortice Revenue Rises But Annual Profit Declines On Higher Expenses

LONDON (Alliance News) - Mortice Ltd on Thursday said its profit declined in its most recently ended financial year, hurt by costs associated with an internal restructuring.The security for

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1 Aug 2018 11:33

Mortice Shares Fall As It Warns On Annual Profit Decline

LONDON (Alliance News) - Security and facility management firm Mortice Ltd on Wednesday predicted a drop in annual profit as the UK market continues to prove difficult.For the 12 months to

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1 May 2018 11:59

Mortice Buys Remaining 49% Frontline Security Stake For GBP1.9 Million (ALLISS)

LONDON (Alliance News) - Security services firm Mortice Ltd said Tuesday it bought the remaining 49% stake in a Singapore security services subsidiary for GBP1.9 million.Mortice acquired in

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10 Jan 2017 09:14

Mortice hires new CFO after rapid first-half growth

(ShareCast News) - Mortice, an AIM listed security and facilities management company, has appointed Sandeep Kumar Gupta group chief financial officer with immediate effect as it continues to grow at a rapid pace. According to interim result released between Christmas and New Year's Eve, group revenu

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28 Dec 2016 11:29

Mortice's revenue surges as it gains nearly 260 new clients

(ShareCast News) - AIM-listed facilities manager Mortice's interim revenue surged as it gained nearly 260 clients including Amazon, Samsung, Procter & Gamble and Renault Nissan. Revenue climbed 79% to $91.1m for the six months ended 30 September, compared to last year, while revenue from the Man Gua

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17 Oct 2016 09:22

Mortice growth in line with expectations in first half

(ShareCast News) - Mortice Limited, an AIM listed security and facilities management company, is on track to meet its expectations for the first half ended 30 September 2016. The India based firm reported year-on-year revenue growth of over 57%, including the first full contributions from its acquis

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30 Aug 2016 12:32

Mortice FY revenues up on acquisitions but pre-tax profits lower

(ShareCast News) - AIM-listed security and facilities management company Mortice said full year pre-tax profits fell to $1.6m from $2.2m reflecting the impact of one-off acquisition costs totalling $0.75m. Revenues rose to $133.5m from $88.4m as the firm added 300 clients and took over UK-based prop

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16 May 2016 08:24

Mortice Appoints Indian Tax And Law Experts To Board

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4 May 2016 08:06

Mortice Expects To See Full-Year Revenue Growth Of At Least 40%

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