Mortice growth in line with expectations in first half

Mortice Limited, an AIM listed security and facilities management company, is on track to meet its expectations for the first half ended 30 September 2016.

The India based firm reported year-on-year revenue growth of over 57%, including the first full contributions from its acquisitions of Office and General (O&G) in the UK and Frontline Security in Singapore in 2015.

With both acquisitions performing well the company expects total revenues for the first half to be at least $80m, compared to $51m in the previous period.

During the period, the business won several new contracts and was appointed to a framework with the London Universities purchasing consortium.

The company operates under two brands, Peregrine, which provides guarding and security services, and Tenon, which provides a full range of facilities management services.

Revenues from security services are expected to be around $43m compared to $34.5m the same period a year ago. Facilities Management services are expected to achieve revenues of $37m compared to $16.5m in 2015.

The company is on track to deliver a total full year revenue of at least $170m, which is in line with the firm’s market expectations.

The share price rose 5.14$ to 92p at 0950 BST on Monday.