Mortice Limited Profit is up 22% with High levels of repeat business as well

Mortice Limited (AIM: MORT), the AIM listed security and facilities management company, has told DirectorsTalk its audited results for the financial year ended 31 March 2015.

 

Financial results highlights:

·     Revenues grew by 19% to $88.4million (FY 2014: $74.4m)

Security services revenue increased 20% to $63.6m (FY 2014: $52.9m)

§ Accounting for 72% of group revenues

Facilities Management services revenue grew 16% to $24.4m (FY 2014: $21.0m).

§ Key client win with online retailer Amazon

·     EBITDA $4.13m (FY 2014 $3.45m)

·     Profit before taxation up 22% to $2.2m (FY 2014: $1.8m)

 

Operational highlights:

·     25 new clients added during the period including Welcome Group of Hotels, ABN AMRO Bank and Amazon

·     73 additional staff employed

·     More than 90% of income came from repeat business

·     Cash generated from operations increased significantly due to aggressive working capital management

·     Proactive security surveillance company, Soteria, went operational with the support of IBM in July 2014

·     Developed international presence via joint venture agreement with Tanami Holding Co., a leading Saudi Arabian multinational with a view to increasing the Group’s presence in the Middle East

·     Launched operations in Sri Lanka through Tenon Property Services (Lanka) Private Limited

 

Post-period end highlights:

·     Proposed acquisition of the entire issued share capital of UK based property service company Office & General Limited for a total consideration of up to £6.5m in cash and shares

 

Major Manjit Rajain, Executive Chairman of Mortice Limited, said: “High levels of repeat business ensure that visibility remains strong while a growing pipeline of potential new business is encouraging as far as future scalability is concerned. We felt it key to invest in our sales and marketing function and look forward to benefiting from a strengthened presence both in India and internationally.

 

“Given market fundamentals and our performance to date we are confident that investment made during the period will benefit trading during the current year. Our business performance is progressing very well, aided by our robust business pipeline.”

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