26th Mar 2014 14:44
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 across 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 challenge is that we are retooling the business top to bottom because we need to get a business that can grow faster over time as we are leverage what we're doing in a better way, so I'm working with Karl Hohmann who joined recently and a wider group of people to bring in other system integrators in who can help us implement projects," Chief Executive Marne Martin told Alliance News.
"We're good at implementing projects but we've been doing them all ourselves, so in order to grow faster, I need to have these system integrator partners," he said.
The company is looking to moving towards having a unified platform; a process it largely expects to complete in 2014.
"The core products are really what's necessary for us to build a service platform and for us to commercialise the trends we see in connected services and smart services, because the company has been around for some time we had a variety of different technology stacks with the various applications," Martin said.
"We expect it to be largely done this year, there may be a few bits and bobs into 2015, and that will enable us to have a common technology stack on all the applications," Martin said.
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 flat at 7.75 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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