Quarterly sales up 12% at Mortice

Security and facilities management company Mortice saw continued “strong” financial performance in its first quarter, it announced in a trading update on Tuesday, with sales up 12% year-on-year in the three months to 30 June as it won a number of new contracts.

The AIM-traded firm said like-for-like revenues for the period totalled $48.33m, compared to $46.19m for the same period last year, which the board said reflected a “solid organic performance” from the core existing business.

Additionally, the contribution from the recently-acquired Elite Cleaning & Environmental Services enabled Mortice to strengthen its position in the UK, adding a further $3.5m in sales during the period.

As such, total sales for the period rose 12% to $51.83m.

Security services revenues grew approximately 12% to $27.1m, accounting for 52% of sales with facilities management revenues growing 13% to $24.7m, accounting for 48% of sales.

The impact of the growing UK presence was highlighted by the fact that sales from outside of the company's core market in India accounted for 39.10% of revenues, up from 36.2% year-on-year.

Mortice said the strong performance was achieved despite currency fluctuations impacting revenue growth in dollar terms from the United Kingdom.

“I am delighted by the strong start to the year and the considerable prospects for further growth,” said executive chairman Manjit Rajain.

“We continue to have a growing pipeline of opportunities and look forward to further developing existing relationships as we build on the continued successes achieved to date.

“We very much look forward to further updating the market with developments in due course.”