Revenues grow at expanded Mortice

The AIM-listed security and facilities management firm saw revenues grow 19% in the six months to 30 September, to $51m (£34.36m).

Its EBITDA, however, plummeted 40% to $1.28m, and profit before tax was down a sizeable 76% to $0.31m.

Mortice put this down to $0.75m of non-recurring items due to acquisition-related expenses and $0.1m non-operational historical expenses at the newly acquired Office & General Group, and a focus on further sales and marketing opportunities.

Beyond the £6.3m acquisition of Office & General, the firm said it added 56 new staff through the period and was now operating through Delhi, Bangalore and Mumbai, and added 85 new clients over the six months.

"Having grown its client base and geographic reach during the period, the company is well-placed to grow", said executive chairman Major Manjit Rajain.

"The investments and acquisitions that were made are expected to enhance performance during the second half, as the company takes advantage of its increased scale and enhances operations base", he added.