Mortice Limited Trading update (6571M)
October 17 2016 - 2:00AM
UK Regulatory
TIDMMORT
RNS Number : 6571M
Mortice Limited
17 October 2016
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 Tel: +91 981 800 0011
Chairman
finnCap Ltd Tel: 020 7220 0500
Adrian Hargrave / Giles Rolls
/ Alex Price (Corporate Finance)
Tony Quirk (Corporate
Broking)
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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