Mortice jumps into profit

AIM listed Mortice leapt into the black, hailing a "truly momentous" year for the firm.The India-focused security and facilities management company posted pre-tax profits of $1.28m for the year to the end of March.This compared to a loss of $0.71m the previous year, as revenues grew by 52%.Manjit Rajain, executive chairman of Mortice, said the company had improved its position in the Indian market and created "a strong platform for continued growth".He said GDP in India had grown by 7.8% in the first quarter of 2011 and the service sector was a major driver of this."With this growth in the Indian economy, the directors of the company believe services demand is likely to increase and that Mortice is very well positioned to leverage on this growth," he said.MM