STOCKPORT BASED SERVICEPOWER TECHNOLOGIES REPORTS 25 percent GROWTH

ServicePower Technologies plc, a market leader in field service management, has won new business contracts resulting in 25% revenue growth in 2013. 

As a result of securing several new contracts and client renewals during the year, Stockport based ServicePower has experienced strong revenue growth of approximately £14.0 million,an increase form £11.1 million in 2012.  The Company expects to achieve gross profit of £6.6m, EBITDA of £0.1 million including exceptional expenses in excess of £0.8 million, and a breakeven net income result including a foreign exchange gain of £0.3 million.

ServicePower provide field service scheduling and management software to enable businesses to greatly improve field service workforce optimization through project scheduling, route scheduling and mobile GPS tracking software. 

ServicePower solutions are ideal for both large organizations and SMB alike being available as either implemented software that can be fully incorporated with existing systems, or entirely as SaaS.

Cash strengthened in the second half of the year due to the contract renewal cycle and increased collection efforts. As such, the Board expects to report a net cash balance of approximately £2.7 million at the year-end (30 June 2013: £2.3 million), following repayment of £0.26 million of the Company’s convertible debt in August (£0.37 million including accrued interest). Strong cash collection meant that cash balances increased to £3.4 million as of 17 January 2014.

Marne Martin, CEO of ServicePower plc, commented:

“During 2013 we achieved our stated goal of securing a firmer financial footing from which to support ServicePower’s continued growth. We have continued to invest in our product portfolio and increase our addressable market through enhanced geographic localisation and broadened functionality. While the deal and salary costs related to the acquisition from Stratix Corporation and the exceptional expenses related to transactions and organisational restructuring during the year did have an impact on profitability, we are pleased with the strong progress the Company made in 2013 and confident that the Company has entered 2014 from a position of strength with a stronger revenue base and improved growth prospects.”

ServicePower will announce Final Results for the year ended 31 December 2013 on 26 March 2013.

Source: ServicePower