LONDON (Alliance News) - Mortice Ltd on Friday posted a rise in pretax profit for its recently ended financial year, as new client wins and high levels of repeat business helped to drive up revenue.
The security and facilities management company reported a pretax profit of USD2.2 million for the year to end-March, up from USD1.8 million a year before, as total revenue rose to USD88.4 million from USD74.3 million, although this was partly offset by higher staff and related costs.
The company attributed revenue growth to the 25 new clients it added during the period, as well as high levels of repeat business. The company opted to invest in staff and infrastructure during the period, adding 73 to its headcount, but said it does not expect similar levels of investment in its current financial year.
More than 90% of its revenue came from repeat business, it said.
"High levels of repeat business ensure that visibility remains strong while a growing pipeline of potential new business is encouraging as far as future scalability is concerned. We felt it key to invest in our sales and marketing function and look forward to benefiting from a strengthened presence both in India and internationally," said Executive Chairman Manjit Rajain.
"Given market fundamentals and our performance to date we are confident that investment made during the period will benefit trading during the current year. Our business performance is progressing very well, aided by our robust business pipeline," Rajain added.
Shares in Mortice were untraded Friday morning, it last closed at 74.00 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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