7 Oct 2009 13:30
Press Release 7 October 2009
MORTICE LIMITED
("Mortice" or "the Company")
Update on Trading and Contract Wins
Mortice Limited, (AIM:MORT), the India based security and facilities management company, is pleased to announce that in the four month period since its previous trading update on 8 June 2009, the Company has won 38 new contracts across its subsidiaries, including Peregrine Guarding Private Limited ("Peregrine"), Tenon Property Services Limited ("Tenon") and the recently acquired Rotopower Projects Private Limited ("Rotopower"), collectively worth GBP 292,550 (INR 21.79 million*) per month. In addition, Tenon Project Services, another subsidiary of the Company, has been awarded contracts worth a combined value of GBP 203,960 (INR 15.19 million*) to be delivered over the next few months.
Peregrine
Peregrine, the established security services company, has won 23 new contracts for the provision of security services in India, illustrating its ability to deliver high service standards across diverse sectors including hospitality, retail, financial services, energy, media and manufacturing, IT/ITES and Business Process Outsourcing. Key clients include a major Indian insurance company, an international automobile brand, one of India's most high profile emerging retail company and two multinational banks.
Tenon
Tenon, the Company's facilities management arm, has been awarded 9 new contracts, which include a mix of new customers and new facility management contracts from existing clients. These include a leading global investment services firm, a life insurance services company, a leading Indian bank and an Indian IT services company. The high levels of service provided to Tenon's customers has resulted in an increased in business from the existing client base, which accounts for 19% of overall growth in Tenon's monthly billing. Tenon's proven ability to ensure provision of high standard facilities across India including remote locations, has resulted in the award of a contract spanning 115 facilities across East India for an insurance company.
Rotopower
The acquisition of Rotopower, a facilities management company based in Delhi, was completed on 22 June 2009. In the period under review, Rotopower was awarded 6 contracts valued at GBP 26,800 (INR 2 million*) per month for delivery of technical and other facilities services, several of which are in the telecom sector, where Rotopower is one of the leading FM service providers.
Manjit Rajain, Executive Chairman, commented:
"We are delighted that our reputation of providing the highest standards of service delivery and our focus on customer satisfaction has delivered strong organic growth across the group. We have focused on building a national service delivery platform to increase our reach and this has resulted in new, exciting contracts with innovative service structures and capability requirements.. In addition, we are very pleased with the progress Rotopower has made since our acquisition of the company as it cements its position as a leader in the telecom sector in particular."
* Exchange rate of 1 GBP = INR 74.50 as at 6 October 2009
For further information please contact:
| Mortice Ltd | ||
| Manjit Rajain, Executive Chairman | Tel: +91 981 800 0011 | |
| Andrew Barker, Executive Director | Tel: +91 981 867 7550 | |
| Grant Thornton Corporate Finance (NOMAD) | ||
| Fiona Owen / Robert Beenstock | Tel: +44 207 383 5100 | |
| Seymour Pierce Ltd (Broker) | ||
| Sam Tully / Nandita Sahgal | Tel: +44 207 107 8000 | |
| Pelham PR | ||
| Alex Walters / Francesca Tuckett | Tel : +44 207 337 1500 |
Notes 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) and Rotopower Projects Private Limited (together referred to as the "Group"), 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 14 years, establishing a client base of over 450 customers and developing a strong pan-India presence providing manned guarding in the process. Peregrine Group had opened 51 branches in 23 out of the 28 Indian states and has clients in a range of sectors including ITES, manufacturing, pharmaceutical, banking and healthcare.
Tenon, the facilities management arm of Mortice, was established to provide superior quality FM services to Peregrine client base. Tenon today operates in 16 Indian states and employs 1200 people serving 30 clients.
Rotopower was established 12 year ago and now employees over 1,600 employees servicing over 75 clients across 15 states 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.