17 Oct 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")
Trading update
Mortice Limited (AIM: MORT), the AIM listed security and facilities management company, provides the following trading update for the six months ended 30 September 2016:
The Company has experienced another strong period of trading in first half of the year, with year-on-year revenue growth of over 57%, including the first full contributions from Office & General ("O&G") and Frontline Security Pte. Ltd. ("Frontline"), which were acquired during the previous financial year.
Both acquisitions have performed well and the Company expects to announce total revenues for the first half of at least $80m (H1 2015: $51m). In the current period, the business has won several significant new contracts and has also been appointed to a framework with the London Universities Purchasing Consortium.
Security services revenues are expected to be approximately $43m (H1 2015: $34.5m) with revenues from Facilities Management services of around $37m (H1 2015: $16.5m).
Given both the Company's existing client base and potential to win significant new clients, the Company remains on track to deliver full year revenues of at least $170m, in line with market expectations.
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