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Mortice unlocks £55mln University of Hertfordshire deal

This new contract will supersede and expand upon the previous tie-up it had with the university worth £1.8mln a year.
Mortice unlocks £55mln University of Hertfordshire deal
Hertfordshire is where the home is for 25,000 students.

Shares in the AIM-listed Mortice (LON:MORT) traded higher in early trade after the company landed a 10-year facilities management contract with the University of Hertfordshire worth £55mln.

Its newly acquired Office & General (O&G) business will carry out maintenance and statutory compliance work, as well as services ranging from grounds upkeep and cleaning to hygiene and pest control.

This new deal will supersede and expand upon the previous tie-up it had with the university worth £1.8mln a year.

Mortice chairman Manjit Rajainsaid: "This represents our largest contract win to date since O&G became part of Mortice in September last year.

“At the time of acquisition we expected O&G to be immediately earnings enhancing, and the size and scale of this contract highlights the upside potential that O&G offers shareholders, particularly when combined with the strong organic growth of our existing business.

“The fact that this deal was won following a highly competitive tender process demonstrates O&G's strong differentiated position in the UK facilities management market and provides us with confidence in O&G's ability to contribute to our continuing strategy of growth."

At 8.15am the stock was changing hands for 87p for a rise of 2%. In the past year the share have advance 67% to value the business at £43mln.

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