Share Name Share Symbol Market Type Share ISIN Share Description
Mortice LSE:MORT London Ordinary Share SG9999005326 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 91.50p 89.00p 94.00p 91.50p 91.50p 91.50p 0.00 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 92.9 1.1 0.7 118.0 50.54

Mortice Share Discussion Threads

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Mortice Limited Considers Acquisition Strategy
Manjit Rajain, Executive Chairman We are pleased to announce our third successive set of healthy interim half year profit profits. We have controlled our costs and have been able to achieve stable business growth in both Guarding and Integrated Facility Management services, despite more difficult market conditions. Click the link below to listen:
13:35 Broker upgrade today
Martin these have been on my watchlist since the interims. I have a buy order in @54p and will wait until it is filled. MORTICE LIMITED Interim Results Mortice Ltd (AIM:MORT) ("Mortice (Stuttgart: A0Q2A5 - news) " or the "Company"), the AIM listed security and facilities management company based in India, today announces its interim results for six months ended 30 September 2010. Operational highlights · Strong growth in business across all business verticals · Profit after tax of USD 275,627 for the six months ended 30 September 2010 compared to a loss of USD 520,167 for the same period last year · While revenue recorded growth of 60.6%, the total costs grew by only 49.9% Facilities Management Services · More than 30 new contracts for the period under review with a spread around India. · Increase in cross sales to Guarding services customers · The facilities management business has continued to grow and now employs approximately 4300 employees Guarding Services · More than 80 new contracts for the period under review · Equal distribution of wins across North India and South India (SOUTHINDBA.BO - news) , increasing the Company's presence across India. Financial highlights · Revenues increased to USD 21.9 million, an increase of 60.6% (30 September 2009: USD 13.6 million) · Guarding Revenues income increased to USD 15.9 million (30 September 2009: USD 11.0 million) an increase of 44.4% · Facilities Management Revenues USD 5.52 million (30 September 2009: US$ 2.3 million) an increase of 138.2% · Group Gross Margin of 16.1% The revenue growth, when analysed in Indian rupee terms, has been 52.6% which, the directors believe is a reflection of the strengthening of the Indian Rupee against the US dollar during the period under review. Further, the Company notes that as a part of the audit process for the financial year ended 31 March 2010, the statement of financial position as at 30 September 2009 has been re-presented due to reclassification of certain comparative figures. The Company has adopted the presentation of statement of comprehensive income by nature of the expense method. The affected items are disclosed in note 9 accompanying the unaudited financial statements for the half year ended 30 September 2010. The Company notes that these presentational changes do not have an impact on the originally stated profit, earnings per share or net asset figures. Manjit Rajain, Executive Chairman, commented: "Mortice group companies are well positioned in the market to take advantage of the growth in demand. With the increasingly encouraging economic outlook for India, our customers are continuing to seek growth opportunities, which, in turn, is resulting in the growth of their guarding and facilities management needs. Our large presence in India and the extensive network of branches around the country allows us to serve the customers where they need our services. With a strong team in place which is continuously engaged with the market, we believe Mortice has the ability to emerge as one of the leading players in the guarding and facilities management sector." Vaibhav Dayal, Chief Executive Officer, commented: "The growth in our business across our service lines is very encouraging and we believe that future investment will also reward present performance. Since we have now set up points of presence in most of the regional markets in India, we believe that the costs of delivering services in these markets will remain level, and help the Company's competitive position in these markets as well as aid in winning new clients while retaining existing contracts. We are thankful to shareholders for their belief in us and we believe that Mortice will continue to prosper since it continues to have a highly energised team of people." The Unaudited Condensed Consolidated Interim Financial statements of the Company for the period ended 30 September 2010 are presented below and a full version of these will be available on the Company's website
Hi Looks like one of todays gainers after numerous contract wins, Indian Co operating all sectors at a profit. Has anyone bought into Mortice, or watching this stock?
It's more common to do a buy-to-let mortgage but in your case you need a let-to-buy. It makes very little difference so long as the rental income from your current home stacks up against the mortgage size you require. Any mortgage broker will review your needs and provide the figures you need. Ask them about their fees though and don't be afraid to try two or three brokers to get the best deal.
this is partly why I am not sure how it works as it is the current property that is rent (although I was bought as a "home" and thus done on a multiple). The second property will now be our home so we've done things in reverse. So how will this effect getting a mortgage for our second property?
As is usual in these cases we can get a bit confused between the existing mortgage and the new one. These are lent on very different criteria. The first mortgage as a multiple of personal earnings and the second (new property) on a ratio of rental income to the interest payable on the new loan, typically 125%. So, if the realistic rental income of a property is £10,000pa the mortgage interest payments would need to be £8000 or less. Your own personal income is often irrelevent. Releasing equity from your existing property is possible up to 125% of it's value but not to use as a deposit on a second purchase. In that case 90% would normally be the maximum.
Yeah, I would have thought that you have enough equity and income not to worry too much.... What's the going multiple now ? 3x 3.5x ? Also, some lenders may accept the rent as an additional income to consider when doing their multiples.......
mr homer j simpson
thanks. I spoke to someone today ( a friend not an advisor) and he seemed to suggest that with £70K of equity in the current property I should be able to get quite a good multiple of income.
Hooya, when you say 2nd mortgage do you mean a 2nd 'charge' on the first property to finance the purchase of the second ? EDIT: Okay, re-read and I guess you do. I would say that you should be able to use all of the equity in the first property to put towards the second. Try having a word with Abix47 (usually on the Poker Thread- He should be able to give you some professional advice. Cheers, HJS.
mr homer j simpson
a couple of questions:- Info:- Basically we currently have a house of approx £190-200k current market value. About £70k of that is equity. The house is currenlty on a fixed interest only mortgage (renewal next year I think). It is currently being rented out for about 2.5 times the monthly mortgage payments(less management fees etc say about 2 times the mortgage payement). Current employment income is £40kpa gross. So taking in to account all that what size 2nd mortgage could we get for a 2nd home uning the equity in the first property as deposit? Would it have to be with the same mortgage supplier?
Oh look construction was already well up. Construction in overdrive, says RICS The second quarter of the year saw construction go into overdrive, according to the Royal Institution of Chartered Surveyors (RICS). A survey of RICS members, published today (Thursday) reveals confidence is close to record levels. Private housebuilding rose fastest, with 40% more surveyors reporting rises in work than in Q2 2003. The number of members reporting an increase in public housing work was up 21%. Government investment also paid off with 31% more surveyors reporting a rise in non-housing public building work. The quarter was also good for those in the commerial sector with 38% more surveyors reporting an increase. RICS construction faculty chairman Launce Morgan said: "Good news for profits, but this does raise concerns that the industry will follow its age-old cycle of boom and bust. Difficulties in recruiting may stoke wages and the expected rises in interest rates will slow things down a little. This will help stabilise an industry prone to over-expansion at times."
Builders like Pulte: UP on the 15% jump in New Home starts. Fills a GAP from early April:
More on the Roll-Up scheme... :Release - or just a trap? Fears are growing for OAPs taking up equity plans, writes Sally McCrone Sunday April 25, 2004 The Observer Thousands of elderly people who are short of cash but rolling in bricks and mortar are turning to equity release schemes to help boost their retirement income or pay for that long-dreamed-of conservatory or world cruise. The desire for this extra spending money, combined with buoyant house prices, means the equity release market is booming, with £1 billion borrowed last year, double the figure for 2002, according to the Council of Mortgage Lenders. Equity release is not new. In fact, it fell into disrepute after the 1980s housing boom, when thousands of elderly people were caught out by schemes that left them owing more than the value of their homes when the property market crashed. The equity release market has been cleaned up considerably since, with safety nets offered to borrowers. The best schemes offer 'no negative equity' guarantees. Most of these are connected to an initiative called Safe Home Income Plans, which demands members follow a strict code of conduct. There are two main types of scheme: home reversion plans, which account for about 25 per cent of all deals, and the more popular life-time mortgage deals. Mortgage-style schemes will be regulated by the Financial Services Authority from October, which means borrowers will have access to an official complaints procedure and compensation if things go wrong. But with reversion plans remaining outside the watchdog's jurisdiction for at least another two years, consumer groups say confusion will deepen and fear a mis-selling scandal in the making. Home reversion involves homeowners selling all or part of their property to a lender while retaining the right to live there for the rest of their lives. When the householder dies the property must be sold and the lender paid the value of the proportion of the property that was sold to them. Borrowers are not paid the market rate for the property, as the price is set according to their age and takes into account the fact they will live in it either rent-free or at a peppercorn rate. Lifetime mortgage schemes allow homeowners to get a loan on part of the value of their property, ranging from 25 per cent to 75 per cent, which can be taken either as a lump sum or turned into an annuity to provide an income. The interest rolls up and is repaid along with the original loan, either when they sell up or when they die. Lifetime mortgage deals are expensive, with fixed rates ranging from about 6.5 per cent to 7.5 per cent when many standard fixed-rate mortgages charge less than 5 per cent. The rate is set for as long as the deal lasts, which could be 20 years or more. Borrowers need to take care when comparing rates, since some lenders charge interest monthly. This can look cheaper but may be no different from plans that charge an annual rate. There are also arrangement fees of between £500-600 and big early redemption penalties. Some 36,000 Norwich Union customers who took out a plan before March this year, when it reduced its life-time mortgage rate to 6.99 per cent, are stuck at the old rate of 7.35 per cent. They cannot switch to the cheaper deal without paying penalties which could be as big as the original loan. Mark Kelly, director of Norwich Union Personal Finance, says: 'As with any other kind of product we cannot go back and re-price it for existing customers. We are open and transparent with people when they take out these plans.' The National Consumer Council (NCC) fears elderly people may end up being lured into unsuitable reversion schemes because they will not be regulated. Ed Mayo, NCC chief executive says: 'Leaving reversion under the control of the "toothless" industry scheme would be a recipe for another mis-selling disaster.' Legal advice is available at Charities such as Help the Aged ( ) and Age Concern ( can offer guidance. Details of equity release schemes are published in Moneyfacts, 0870 2250 100. @:,14426,1203658,00.html
INNOVATION... a list: "Product innovation in these markets to generate long-term income from accumulated wealth can bring real solutions to the needs of a growing number of retirees...However, alongside these opportunities are the risks from limited consumer understanding of retirement options and specific products," the report says. Here are the major problems, identified in the report, associated with using a mortgage-related product for retirement income needs: · Products are complex. Consumers do not understand the risks associated with topping up a pension or paying for long-term care with equity release schemes – those products that facilitate income payments based on the value of your home. · The possibility of negative equity. Some lenders offer "no negative equity" guarantees to mitigate this risk, but others don't. · A big debt problem later. Even at current interest rates, the sum owed by a homeowner could double in 10 years. · Inability to move home. Most product providers have limits on other people moving in to your home because a new resident with occupational rights could result in risks to their returns. · The elimination of an asset for your heirs. A full home reversion means the property belongs to the reversion company. You can't leave any of the value to your beneficiaries. And a life time mortgage has to be repaid on death, or earlier if you move into care or sheltered accommodation, again limiting the size of your estate. · Tax and benefit implications. In some situations, holding this time of product, will affect your eligibility for means-tested benefits (eg. Pension Credit) and part of your income will be taxable. · Limited access to additional funds. For reversion contracts, your current or future equity in the property will no longer belong to you. This means access to further funds may be limited, especially in a period when property values fall. · Maintenance is for your account. Most providers expect consumers to repair and maintain the property and reserve the right to enter the property and do the job if you don't. The FSA is currently developing a booklet on lifetime mortgages and reversions to help increase consumer understanding of equity release products. ...MORE:
Northern Rock offers GUARANTEE as part of its Equity Release scheme... -Quote- NO NEGATIVE EQUITY GUARANTEE Of course, if the proceeds from the sale of the property are more than the outstanding mortgage balance, you - or your beneficiaries - will keep the difference. And even if interest rates rise or house prices fall, our No Negative Equity Guarantee means that we will make up any difference in the case of a shortfall - leaving you or your estate with no outstanding mortgage debt. -Unquote- @:
Recent Press Stories: 1) (Excerpt From ): Who's afraid of negative equity? ... 23/06/2004 As the governor of the Bank of England warns about a house price crash, Teresa Hunter offers buyers tips on how to protect their investment ... King's warning has created a dilemma for potential buyers. Many will have no choice but to move as a result of a new job, divorce or an expanding family. If they buy in the wrong area and the market crashes, they could face disaster. It has taken some people 15 years to recover from the last housing recession; others are still suffering from the aftermath. ... For much of the 1990s, the Woolwich ran a negative equity index that monitored how different types of property and areas fared during the crisis. Hilary McVitie of Woolwich remembers: "Our index showed quite clearly that quality family homes were least affected by the crash and held their value best, whereas flats tended to struggle". ... But even if you get the location and type of property right, you can still be hit by negative equity. One in every five mortgages taken out by first-time buyers is worth more than 90 per cent of the value of the property on which it is secured. If the price slips by more than 10 per cent, the buyer is trapped. ... Interestingly, there is now talk of the return of "no-negative equity" loans. At the depth of the last housing recession, the Halifax offered mortgages that guaranteed to protect first-time buyers from negative equity in exchange for paying a higher interest rate. Now Britain's biggest mortgage broker, Charcol, is negotiating with a lender to launch a similar product. However, the Halifax admits there were very few takers for its no-negative equity mortgage last time round. @: - - - 2) Broker Considers "No Negative Equity" Loan ... 22 Jun 2004 News Item Scared off buying by all this gloomy talk of a house price crash? Soon you may be able to silence your doubts with a "no negative equity" mortgage... Pay extra for peace of mind? The product is been considered by mortgage broker Charcol, who believe nervous buyers fearful of a slump in prices would be willing to pay a little extra for the comfort of knowing they'll never face negative equity. "This is in the very early stages and is with a small, not a major lender," says Ray Boulger of Charcol. "Whether we can make the idea feasible will depend very much on whether we can get the pricing right. "We've looked at similar schemes in the past and decided it wasn't the right time, but now it may be more appropriate - not because I think the market is about to crash but because people are nervous and it's a scheme that would appeal to people who are concerned, especially first-time buyers." The easiest way to cost it, Boulger adds, would be to charge a slightly higher rate of interest in exchange for insurance, but there are also other issues to settle: "It would also need to be linked to a specific period of time - possibly if you sell between two and five years at a loss you could claim. We would also need to build in protections against people wrecking a property and then claiming after they sold it for less. "So there's still quite a bit of work to be done on the details - I don't envisage anything being launched in the near future - maybe towards the end of this year or early next year, but it's not imminent and will probably be limited to first-time buyers." @:
The subject interests me... and when used in conjunction with some other contracts, may provide a means to locking in an attractive rent with limited risk. (property ownership is the main way of locking in a long term living cost - that's the point, other than speculation on capital values) Help me to investigate: DEFINITION (currently offered in connection with "roll-up Mortgages"): No negative equity guarantee: If the outstanding mortgage debt is greater than the sale price of the property and you have complied with the terms and conditions of your loan, we guarantee that your estate will not have to repay the shortfall. Source: NEW USAGE for FTB's: Charcol, the UK's largest mortgage broker, is in negotiations with a major lender to launch the product. It claims the guarantee could be added to most mortgage deals. Ray Boulger of Charcol said such a product would offer peace of mind for borrowers, particularly first time buyers. "There is a great deal of nervousness about the housing market at the moment, and it may be that some isolated areas will experience price falls, although we don't expect widespread negative equity." Note: John Charcol, senior technical manager, Ray Bolger. Phone: Main Office: holborn 0207-6117000 = = = = = LINKS: Google search ......: "no+negative+equity"+mortgage=Google+Search Chargol Online......:
Andy try speaking to John or Sam at, they will give you all the advice and help you need. You will not need to show proof of income.
dvda, A friend of mine has just been turned down for three self certification mortgages, after they demanded "proof" of his past and projected earnings! He had a 30% deposit too! having to prove your income is not exeactly what I understood self cert to be! I reckon they're tightening up, as they know a fall is coming!
self certified works if you got about 30% to put down....Providing the LVA works out OK and property is re saleable, i.e. normal house, flat then you shouldn't have a problem. good luck
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