MORT Mortice Limited

TIDMMORT

RNS Number : 1706X

Mortice Limited

04 May 2016

Mortice Limited

("Mortice" or the "Group")

Year end trading update

Mortice Limited (AIM: MORT), the AIM listed security and facilities management company, provides the following trading update for the year ended 31 March 2016:

Group turnover is expected to show a continued pattern of growth. The Company expects revenue to be at least US$124m, an increase of at least 40% on the previous year (2015: US$88.4m).

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.

Our UK subsidiary Office & General Group Limited (O&G), has performed well since acquisition in September 2015. 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. O&G is expected to account for c. 25% of Group turnover for the financial year. In addition O&G signed two new contracts with UK customers during the final quarter worth in combination over GBP230,000 annually.

Our other acquisition, Frontline Security Pte, is performing better than management expectations and continues to demonstrate good growth.

The Company has a strong pipeline of sales and remains confident of the outlook for the new financial year.

Mortice intends to publish its preliminary results for the year ended 31 March 2016 before the end of August 2016.

Enquiries:

 
 Mortice Limited                                             www.morticegroup.com 
 Manjit Rajain, Executive Chairman                          Tel: +91 981 800 0011 
 
 Allenby Capital Limited 
  AIM Nominated Adviser and 
  Broker 
 Nick Naylor/David Hart/Alex                                   Tel: 020 3328 5656 
  Brearley 
 
 Walbrook PR                         Tel: 020 7933 8780 or mortice@walbrookpr.com 
 Paul McManus                                                  Mob: 07980 541 893 
 Sam Allen                                                     Mob: 07884 664 686 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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May 04, 2016 02:01 ET (06:01 GMT)

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