15th Oct 2014 09:39
LONDON (Alliance News) - Mortice Ltd Wednesday said it has promoted Rajan Oberoi to be Chief Executive of the Tenon Group of Companies, which include its main operating subsidiaries, as it said it had won 39% more contracts across the subsidiaries in the first half of its financial year.
Oberoi has been managing director of the India-focused security and facilities management company's Peregrine guarding business for the past five years.
The Tenon Group includes Mortice operating subsidiaries Peregrine Guarding Private Ltd, Tenon Property Services Private Ltd, Rotopower Projects Private Ltd and Tenon Property Services (Lanka) Private Ltd.
"During his tenure as Managing Director of the guarding business, Brigadier Oberoi propelled Peregrine amongst the top 5 guarding companies in India (as assessed by KPMG in 2012 and EY 2013). He brings a deep understanding of the industry and rich experience to the table that will take Tenon Group to greater heights," Mortice Executive Chairman Manjit Rajain said in a statement.
Separately, Mortice said its operating subsidiaries had won 150 new contracts worth about USD4.7 million combined in the six months to end-September, a 39% increase in the number won. It didn't give a comparison for the value.
Most of the deals were won by Peregrine, with 110 new contracts worth about USD3.4 million. Facilities management arm Tenon won 21 new contracts worth about USD0.8 million, Tenon Sri Lanka won three facilities management contracts with annualised revenue of USD0.04 million, and mechanical and engineering services business Rotopower won 16 contracts worth about USD0.50 million.
"We believe that the economic conditions are now improving significantly and will provide growth opportunities for Mortice going forwards. The group'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 the group," Rajain said.
Mortice shares last traded at 52.00 pence.
By Steve McGrath; [email protected]; @stevemcgrath1
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