28th Jan 2015 09:15
LONDON (Alliance News) - Mortice Ltd on Wednesday said it is performing in line with expectations for its financial year as it said it won or expanded 104 contracts in its third quarter.
The India-focused security and facilities management company said it was trading in line with expectations for its financial year to the end of March. In the third quarter to the end of September, it won or expanded a total of 104 contracts across its four subsidiaries, worth a total of USD6.2 million per year.
Peregrine, its security services subsidiary, won or expanded 86 contracts in the quarter, worth a total of USD5.5 million in annual revenue, Mortice said. Its facilities management business, Tenon, won seven contracts in the quarter, while its Rotopower mechanical and engineering services company secured 11 contracts.
Mortice added it has established a joint venture with Tanami Holdings in Saudi Arabia to operate a facilities management business in the country and said it is seeing interest in its Soteria Command Centre technology.
Manjit Rajain, executive chairman of Mortice, said the company is confident that the emphasis being placed on creating a manufacturing hub and backing infrastructure development by the new Indian government will leave it well placed to benefit.
"The company's expansion plans in India and other countries such as Sri Lanka and Saudi Arabia are likely to contribute positively to the overall growth of Mortice," Rajain added. "We are confident that we will continue to build on our long track record of sustainable profitable growth."
Shares in Mortice were untraded on Wednesday, having last traded at 52.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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