Mortice FY revenues up on acquisitions but pre-tax profits lower

AIM-listed security and facilities management company Mortice said full year pre-tax profits fell to $1.6m from $2.2m reflecting the impact of one-off acquisition costs totalling $0.75m.

Revenues rose to $133.5m from $88.4m as the firm added 300 clients and took over UK-based property service company O&G for up to £6.3m in cash and shares. It also took a 51% stake in Frontline, a company incorporated in Singapore for a maximum £1.89m in cash.

Executive chairmann Manjit Rajain said the acquisitions of O&G and Frontline had boosted growth.

“We have laid the foundations for continued growth and have a healthy pipeline in place. Furthermore, we are extremely pleased by our growing presence in the UK and the strong performance of O&G,” he said.

"Underpinned by increasing levels of visibility and repeat business, the company is well positioned to further scale up its operations and build on the momentum achieved. We very much look forward to updating the market with further developments in due course."