22nd Jan 2014 09:41
LONDON (Alliance News) - Shares in ServicePower Technologies PLC rose Wednesday after it said that it had seen strong revenue growth during the year ended December 31, 2013, due to new contracts and client renewals.
The software company said it expects revenue of GBP14.0 million, up more than 25% from GBP11.1 million in the previous year. It expects gross profit of GBP6.6 million.
ServicePower said it expects earnings before interest, tax, depreciation and amortisation of GBP100,000 including exceptional expenses of over GBP800,000 due to its acquisition of assets from Stratix Corporation and restructuring costs.
The company repaid GBP260,000 of its convertible debt in August, and expects to report a net cash balance of GBP2.7 million.
"During 2013 we achieved our stated goal of securing a firmer financial footing from which to support ServicePower's continued growth," said Chief Executive Officer Marne Martin in a statement. "We have continued to invest in our product portfolio and increase our addressable market through enhanced geographic localisation and broadened functionality."
Shares in ServicePower were trading up 4.0% at 6.50 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
SVR.L