1st Aug 2018 11:33
LONDON (Alliance News) - Security and facility management firm Mortice Ltd on Wednesday predicted a drop in annual profit as the UK market continues to prove difficult.
For the 12 months to March, Mortice expects revenue to rise 21% to USD219 million.
However, adjusted pretax profit is guided to fall 16% to USD3.9 million year-on-year with adjusted earnings before interest, taxes, depreciation, and amortisation dipping slightly to USD9.5 million from USD9.6 million.
India, which makes up 64% of overall revenue, continues to grow, Mortice said, but the UK has been hit by the cost of supplying contracts.
Shares were 18% lower on Wednesday at a price of 18 pence each.