26th Mar 2014 10:33
LONDON (Alliance News) - ServicePower Technologies PLC Wednesday expressed confidence for a successful outcome in 2014, as it swung to profit in 2013, as it saw growth in all areas of its business.
ServicePower produces outsourced service and field management software.
The company posted a pretax profit of GBP45,000, swinging from a pretax loss of GBP1.6 million in the previous year, as revenue rose to GBP14.0 million from GBP11.1 million in the previous year, although this was somewhat offset by higher sales cost and administrative expenses.
Revenues from the company's ServiceOperations division rose to GBP6.4 million from GBP4.2 million as it commercialised new client wins including Robert Bosch GmbH and Global Warranty Group in the US, and The John Lewis Partnership and Tesco PLC in the UK.
ServiceScheduling revenue rose to GBP7.6 million from GBP7.0 million as it released a new version of the ServiceScheduling software and saw a 100% renewal rate of existing customers.
ServicePower said that it had begun 2014 with stable trading, and new clients and partnerships.
The company also announced that Chairman Lindsay Bury will be stepping down and taking a non-executive director role; Hugh Fitzwilliam-Lay, currently a non-executive Director will take on the role of Chairman, effective April 1.
Shares in ServicePower were trading up 1.5% at 7.86 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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