Mortice Limited Contract Update (1829C)
27 September 2018 - 8:44PM
UK Regulatory
TIDMMORT
RNS Number : 1829C
Mortice Limited
27 September 2018
Mortice Limited
("Mortice" or the "Company")
Contract update
Mortice Limited (AIM: MORT), the AIM listed security and
facilities management company, announces that Tenon FM has lost a
competitive bid for its existing UK contract with University
College of London (UCL).
As announced at the time of the Group's final results on 23
August 2018; one of the Group's largest contracts was set to expire
on the 31 October 2018 and was up for renewal. The Group now
confirms that it has lost a competitive bid to a large
multinational company for its UK contract with University College
of London, representing 18% of UK revenue with effect from November
2018. However, the Group is confident to recover this loss soon
with various business activities currently in the pipeline. The
Group remains focused on cost and bidding discipline and remains
highly active in bidding for appropriate contracts and expects a
return to like-for-like growth from its UK operations in the medium
term.
Manjit Rajain, Executive Chairman, commented: "The UK market is
experiencing tough trading conditions. The Group is taking
significant corrective action in order to ensure a more profitable
and sustainable margin in this changing and challenging
environment."
Mortice Limited www.morticegroup.com
Manjit Rajain, Executive Chairman Tel: +91 981 800 0011
finnCap Ltd Tel: 020 7220 0500
Carl Holmes / Giles Rolls
About Mortice Limited
Mortice (AIM: MORT), is an AIM listed security and facilities
management company, incorporated in Singapore and based in India
with additional operations in Singapore and the UK.
Mortice operates under two brands, in India:
-- Peregrine Guarding Private Limited, as registered Company
operating under the brand name of "Peregrine", provision of
guarding and security services to a wide range of clients from
blue-chip companies, smaller businesses, commercial and private
properties, and individuals.
-- Tenon Facility Management India Private Limited, as
registered Company operating under the brand name of "Tenon",
provision of a full range of facilities management services to
corporate occupiers, owners and developers of real estate. Clients
include respected blue-chip and home-grown companies. Within the
Tenon group of companies Mortice also offers security surveillance
services through its subsidiary Companies i.e. Soteria Command
Center Private Limited and mechanical and engineering services via
Roto Power Projects Private Limited.
The business is growing and profitable and is focused on
expanding its geographical footprint and growing through targeted
acquisitions, as well as organically.
In 2015, the Company established in the name of Tenon Facility
Management UK Limited and through this wholly owned subsidiary
Company acquired UK based Office & General Group Limited, an
independent property service company specialising in cleaning and
providing support services such as environmental solutions and
built fabric maintenance in the UK. Office & General Group
Limited has been fully integrated and re-branded as Tenon FM Ltd.
For more information see: www.tenon-fm.com/what-we-do
In April 2017, Tenon UK completed the acquisition of
Manchester-based Elite Cleaning & Environmental Services Ltd
("Elite"). Elite has a strong blue-chip client base, which is
complementary to the Company's existing UK portfolio.
The Company acquired a 51% stake in Singapore-based security
company Frontline Security Pte. Ltd in November 2015 and the
remaining 49% stake in May 2018 for a maximum consideration of SGD
3.5 million.
Learn more about Mortice through this video interview with
Manjit Rajain, Executive Chairman of Mortice:
www.brrmedia.co.uk/broadcasts/57c94e8cd6c09fd74b0ae623/mortice-unlocking-potential
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) prior to its release as part of this
announcement.
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END
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