21 Jun 2010 07:00
21 June 2010
MORTICE LIMITED
("Mortice" or the "Company")
Update on Trading and Contract Wins
Mortice Limited, (AIM:MORT), the AIM listed, Indian based, security and facilities management company, is pleased to announce that in the period commencing 1 January 2010 to date, the Company has won 76 new contracts across its subsidiaries, Peregrine Guarding Private Limited ("Peregrine"), Tenon Property Services Limited ("Tenon") and Rotopower Projects Private Limited ("Rotopower"), collectively worth GBP 3.05 million (INR 209 million*) per annum.
Peregrine
Peregrine, the Company's security services subsidiary, has won 58 new contracts worth GBP 1.66 million (INR 114 million*) per year for the provision of security services in India. This further illustrates Peregrine's ability to deliver high service standards across diverse sectors including hospitality, retail, financial services, energy, media, manufacturing, IT/ITES and business process outsourcing. Peregrine's key clients include four major financial institutions, an international automobile brand and one of India's leading commercial real estate developers.
Tenon
Tenon, the Company's facilities management arm, has been awarded 9 new contracts worth GBP 1.07 million (INR 73 million*) per year. Under these contracts Tenon will be providing facilities services for clients including a leading commercial real estate firm, a medical services provider, an international automobile manufacturing company, two IT service companies and two leading telecom service providers. The Director's believe that the high levels of service provided to Tenon's customers, along with its ability to ensure provision of high standard of facilities across India, including in remote locations, has resulted in this growth in new business.
Rotopower
Rotopower, a facilities management company based in Delhi, was acquired by the Company on 22 June 2009. In the period under review, Rotopower was awarded 9 contracts valued at GBP 325,985 (INR 22 million*) per year for delivery of technical and other facilities services. Rotopower's new clients include a major financial institution and two leading telecom service providers.
Manjit Rajain, Executive Chairman, commented:
"The traction in this period has shown that markets are looking up and the Indian economy is beginning to display signs of recovery from the recessionary slumber. We have always maintained that the Company will be a key beneficiary of the resurgence in the markets and our success rate is beginning to prove this expectation. In our endeavor to build a national service delivery platform for extended reach, we have witnessed the rise in exciting new contracts with innovative service structures and capability requirements. "
*Exchange rate of 1 GBP = INR 68.47 as of 17 June 2010 (Source - www.xe.com)
For further information please contact:
| Mortice Ltd |
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| Manjit Rajain, Executive Chairman |
| Tel: +91 981 800 0011 |
| Vaibhav Dayal, Chief Executive Officer |
| Tel: +91 981 867 0003 |
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| Grant Thornton Corporate Finance (NOMAD) |
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| Fiona Owen / Robert Beenstock |
| Tel: +44 207 383 5100 |
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| Seymour Pierce Ltd (Broker) |
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| Nandita Sahgal/Paul Jewell/Jeremy Stephenson |
| Tel: +44 207 107 8000 |
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Note to Editors
Mortice Limited, the India based security and facilities management company incorporated in Singapore, listed on AIM in May 2008. It is the holding company of Peregrine Guarding Private Limited (Peregrine), Tenon Property Services Private Limited (Tenon) (together referred to as the "Group")and Rotopower Projects Private Limited, an Indian Facilities Management based in Delhi, which was acquired by the Group in June 2009.
Peregrine has been providing security services in India for 15 years, establishing a client base of all over India and developing a strong pan-India presence providing manned guarding in the process. Peregrine had opened 16 branches in 28 Indian states and has clients in a range of sectors including ITES, manufacturing, pharmaceutical, banking and healthcare.
Tenon and Rotopower together constitute the facilities management service offering of Mortice to the market. Tenon, the facilities management arm of Mortice, was established to provide superior quality facilities management services. Tenon today operates in 19 Indian states and serves clients across India with a comprehensive and sophisticated service offering to the market.
Rotopower was established 15 years ago and now serves in 28 states/union territories in India. It provides a range of facilities management services that include mechanical and electrical maintenance services, annual maintenance contracts and housekeeping services to a wide range of customers. Rotopower also provides services to telecom tower companies for the maintenance and running of electrical equipment.