19 Sep 2016 07:00
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014
Mortice Limited
("Mortice" or the "Company")
O&G appointed to London Universities' £60m cleaning framework
Mortice Limited (AIM: MORT), the AIM listed security and facilities management company, announces that its wholly owned subsidiary, Office & General Group Limited (O&G), it has signed a Framework agreement with the London Universities Purchasing Consortium (LUPC), which covers the provision of cleaning and associated support services for LUPC members in Greater London and South East England over a 3 year period.
The Framework agreement is split into three lots: one-stop shop cleaning and associated support services, residential cleaning services and non-residential cleaning services. It will last three years, with the option to extend for a further 12 months, and covers an expected total value of cleaning services of around £60m.
As part of the Framework, member institutions may from time to time invite suppliers within the Framework to participate in tenders for the provision of cleaning services. Whilst O&G is not an exclusive provider of services to this Framework, it is the only contractor to be appointed to all three elements of the LUPC Framework and so is well positioned to benefit from this agreement.
Member institutions that are part of this Framework agreement include: Birkbeck College; UCL's Institute of Education; the School of Oriental and African Studies; the Royal College of Music; the Royal College of Art; Heythrop College; and Goldsmiths, University of London, amongst others.
This announcement follows on from the news in February this year that O&G was confirmed as the new facilities services provider for the University of Hertfordshire in a contract worth in excess of £55 million over 10 years. O&G became part of Mortice in September 2015 and for the year ended 31 March 2016 contributed $30.8m (c. £23.2m) revenues during the seven months as part of the enlarged company, equating to annualised revenues of around £39m.
Commenting, Manjit Rajain, Executive Chairman of Mortice, said: "This Framework agreement represents a great opportunity to further enhance O&G's position in the UK facilities management market place. We are incredibly well-positioned as the only supplier to feature on all three parts of the Framework agreement and given we are fully mobilised on our existing contract with the University of Hertford, we can clearly demonstrate our expertise in providing high quality services to Further Education clients and Academic Institutions. We look forward to updating shareholders on our progress pursuant to this Framework agreement."
Mortice Limited | www.morticegroup.com | |
Manjit Rajain, Executive Chairman | Tel: +91 981 800 0011 | |
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finnCap Ltd | Tel: 020 7220 0500 | |
Adrian Hargrave / Giles Rolls / Alex Price (Corporate Finance) |
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Tony Quirk (Corporate Broking) |
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Walbrook PR | Tel: 020 7933 8780 or mortice@walbrookpr.com | |
Paul McManus/ Sam Allen | Mob: 07980 541 893 / 07884 664 686 | |
About Mortice Limited
Mortice (AIM: MORT), is an AIM listed security and facilities management company, incorporated in Singapore and based in India with additional operations in Singapore and the UK.
Mortice operates under two brands, in India:
§ Peregrine - provision of guarding and security services to a wide range of clients from blue-chip companies, smaller businesses, commercial and private properties, and individuals.
§ Tenon - provision of a full range of facilities management services to corporate occupiers, owners and developers of real estate. Clients include some of the world's most respected blue-chip and home-grown companies. Within the Tenon group of companies Mortice also offers security surveillance services through its subsidiary Soteria and mechanical and engineering services via Rotopower
The business is growing and profitable and is focused on expanding its geographical footprint and growing through targeted acquisitions, as well as organically.
In 2015 the Company established Tenon UK and through this wholly owned subsidiary acquired UK based Office & General Group Limited, an independent property service company specialising in cleaning and providing support services such as environmental solutions and built fabric maintenance in the UK. In addition, the Company acquired a 51% majority stake in Singapore-based security company Frontline Security Pte. Ltd, and has an option to acquire an additional 25% within three years.
Learn more about Mortice through this video interview with Manjit Rajain, Executive Chairman of Mortice:
www.brrmedia.co.uk/broadcasts/57c94e8cd6c09fd74b0ae623/mortice-unlocking-potential