9th Jan 2015 08:23
LONDON (Alliance News) - ServicePower Technologies PLC said Friday that that it expects to swing to a net loss for 2014, as a result of lower revenues due to a delay in enterprise licence purchases and the company's shift away from a license sales dependent business model.
The software and services company expects to post a net loss of GBP900,000, compared to a profit of GBP200,000 a year before, on revenue of GBP12.7 million, down from GBP14 million.
In a trading update, ServicePower noted that sales in its second half are expected to be ahead of its first, underpinning its confidence that its shift towards recurring revenue is working. It added that new software-as-a-service contracts it won during the year will lead to higher revenue in 2015.
The company said it won more than 17 contracts during the year, and the order book for its ServiceScheduling product is over GBP5 million.
Shares in ServicePower are trading down 10.2% at 5.50 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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