4th May 2016 08:06
LONDON (Alliance News) - Mortice Ltd, the AIM-listed security and facilities management company, on Wednesday said it expects to report full-year revenue growth when it publishes earnings later in 2016.
The company expects revenue to amount to at least USD124 million in the year ended March 31, an increase of at least 40% on the previous year's USD88.4 million.
"A number of key client wins from our Peregrine Guarding business in our final quarter have contributed to this performance. We have added further blue chip clients to our customer base across India, including JP Morgan, Cummins, Fortis Hospital, Cairn India and Delhivery," Mortice said.
Its UK subsidiary Office & General Group Ltd performed "well" since acquisition in September 2015, Mortice said. "We were particularly pleased to be confirmed as the new facilities services provider for the University of Hertfordshire in a contract worth in excess of GBP55 million spread evenly over 10 years of the contract," the company said. The contract with University of Hertfordshire was announced in February.
In addition, O&G signed two new contracts with UK customers during the final quarter worth in combination over GBP230,000 annually.
Frontline Security Pte, another acquisition made by Mortice, has been performing "better than management expectations and continues to demonstrate good growth."
Mortice, which inteds to publish earnings for the year ended March 31 before the end of August, said it has a strong pipeline of sales and remains confident of the outlook for the new financial year.
Shares in Mortice were untraded Wednesday morning, having closed at 91.00 pence Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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