11th Sep 2013 09:37
LONDON (Alliance News) - ServicePower Technologies PLC Wednesday said it swung to a pretax profit in the first half, after posting a loss last year, reflecting a strong performance across the business.
ServicePower also said Chief Financial Officer Marne Martin has been appointed interim Chief Executive, replacing Mark Duffin, whom the company had said in July would be leaving the company. ServicePower said Duffin resigned from the Board on Tuesday.
The outsourced service and field-management company reported pretax profit of GBP219,000 for the period ended 30 June, up from a GBP567,000 loss last year. The company said the business won a number of new contracts both in the US and UK.
Revenue jumped 31% to GBP7.3 million, from GBP5.6 million in 2012.
The company's ServiceOperations business revenue increased 5.0% to GBP2.1 million from GBP2.0 million, while revenue increased 44% to GBP5.2 million at its ServiceScheduling arm, compared with GBP3.6 million in 2012.
ServicePower said its cash balance stood at GBP2.3 million at the end of the period, down from GBP4.1 million last year. This was attributed to extraordinary expenses and advisory fees, delay in debtor collections, and normal timing fluctuation of deferred revenue and maintenance renewals.
The directors said they could not recommend the payment of a dividend at this time.
ServicePower shares were trading at 4.20 pence Wednesday morning, down 0.05 pence, or 1.2%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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