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Mortice Ltd

  • BY: Andrew Hore |
  • POSTED: 06/09/2010 |

Facilities management and services provider Mortice Ltd says that it is getting more orders and enquiries for its services.

These signs of recovery started in the fourth quarter of the most recent financial year but they were not enough to stop Mortice making a loss. The Indian economy is set to grow by around 9% a year for the next two years and this should boost demand for Mortice’s services.

Mortice reduced its loss from $3.24m to $716,000 in the year to March 2010 thanks to a reduction in facilities management losses.

The India-based company grew its revenues by 35% to $31.6m even though the global economy was tough. The facilities management operations grew revenues by 368% to £6.78m. Some of that was via acquisition but there was still plenty of organic growth.

Guarding services also grew revenues but more modestly. This part of the business remains profitable but it made a lower contribution last year.

Net debt was $747,000 at the end of March 2010.

This year, Mortice could potentially reach break even. There will be a full contribution from the cost savings made last year.

At 48p a share, Mortice is valued at £22.9m.

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