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MORT Mortice Limited

14.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Mortice Limited 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
  0.00 0.00% 14.00 13.00 15.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Mortice Limited Q1 Trading Update (6398K)

11/07/2017 7:00am

UK Regulatory


Mortice (LSE:MORT)
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RNS Number : 6398K

Mortice Limited

11 July 2017

Mortice Limited

("Mortice" or the "Company")

Q1 Trading Update

Mortice Limited (AIM: MORT), the AIM listed security and facilities management company, provides the following trading update for the three-month period ended 30 June 2017.

Financial Highlights

Trading during Q1 remained robust as the Company built on last year's strong financial performance, which as already announced is expected to be ahead of market forecasts for the year ending 31 March 2017.

During Q1 year-on-year sales grew 12% as the Company won a number of new contracts and achieved strong growth across all parts of the business.

Like-for-like revenues for the period totalled US$48.33m, compared to US$46.19m for the same period last year reflecting a solid organic performance from the core existing business. Furthermore, the contribution from recently acquired Elite Cleaning & Environmental Services Ltd ("Elite"), enabled Mortice to strengthen its position in the UK, adding a further US$3.5m in sales during the period. As such, total sales for the period rose 12% to US$51.83m (Q1 2016: US$46.19m).

Security services revenues grew approximately 12% to US$27.1m (Q1 2016: US$24.3m), accounting for 52% of sales with facilities management revenues growing 13% to US$24.7m (Q1 2016: US$21.9m), accounting for 48% of sales. The impact of the growing UK presence was highlighted by the fact that sales from outside of the Company's core market in India accounted for 39.10% of revenues (Q1 2016: 36.2%).

The strong performance was achieved despite currency fluctuations impacting revenue growth in dollar terms from the United Kingdom.

Q1 Operational Highlights

The Company continued to make good progress in expanding its client base, driven by acquisitions and additions to the core business.

Mortice strengthened its UK operations via the GBP4.5 million addition of Elite, acquired in April 2017, which won contracts with Surrey and Sussex Police and BMW worth a combined total of GBP2.25m annually during the period.

Other wins in the UK include a three-year contract with Twitter worth GBP200,000 with the option to extend by a further two years, a three-year contract with men's fashion brand Hackett worth GBP200,000 a year and further university contracts - with the University of West Midlands worth GBP150,000 a year for three years and the University of Warwick, worth GBP300,000 for an initial three-month project.

Notable clients wins in India during the period included American Tower Corporation, Tech Mahindra, Amazon. Pepsico, Infosys, I-gate, Titan Industries Ltd, Suzuki Motorcycle and others worth an aggregate of over US$5m annually.

Outlook

The long-term nature of the contracts in place provides high levels of visibility and underpins management's confidence in continued growth as the Company builds on its performance during Q1. The Company will continue to focus on organic and acquisitive opportunities as it further develops operations and targets continued growth, underpinned by the confidence provided by the strong start to the current year.

Commenting, Manjit Rajain, Executive Chairman of Mortice, said: "I am delighted by the strong start to the year and the considerable prospects for further growth. We continue to have a growing pipeline of opportunities and look forward to further developing existing relationships as we build on the continued successes achieved to date. We very much look forward to further updating the market with developments in due course."

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) prior to its release as part of this announcement.

Enquiries:

 
 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 Quirke (Corporate 
  Broking) 
 
 Walbrook PR                           Tel: 020 7933 8780 or mortice@walbrookpr.com 
 Paul McManus/ Sam Allen/                                Mob: 07980 541 893 / 07884 
  Nick Rome                                                    664 686/ 07748325236 
 
 

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 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. Office & General Group Limited has been fully integrated and re-branded as Tenon FM Ltd. For more information see: www.tenon-fm.com/what-we-do

In April 2017, Tenon UK completed the acquisition of Manchester-based Elite Cleaning & Environmental Services Ltd ("Elite"). Elite has a strong blue-chip client base, which is complementary to the Company's existing UK portfolio.

In November 2015, 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

TSTOKKDQPBKDBOD

(END) Dow Jones Newswires

July 11, 2017 02:00 ET (06:00 GMT)

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