16th May 2008 12:14
16th May 2008
SERVICEPower TECHNOLOGIES PLC
("SERVICEPower" or the "Company")
Interim Management Statement
SERVICEPower (LSE:SVR), the innovative supplier of outsourcing solutions and software to the mobile repair and installations industry, publishes today its first interim management statement covering the period from 1 January 2008 to 16 May 2008 as required by the Disclosure Rules and Transparency Rules of the Financial Services Authority.
As stated in the Company's recent preliminary results announcement of 29th April 2008, since the beginning of the year the Company has made significant progress with the restructuring of operations on a global basis. The cost savings from restructuring are being invested into building a more effective sales operation. We expect to see the benefits of this initiative in the future and are already seeing an improvement in lead generation and closure.
Our trading performance for the first quarter remains in line with expectations and the business is focused on delivering profitable growth through increased sales. To this end the Company has signed several new contracts during the period, including a multi-million dollar 3 year contract with one of the largest in-home service providers in the US. The SERVICEOperations (outsourcing, dispatch & claims) business has also had a successful start to the year with a number of new customers already signed, including Bosch Tools in Canada and Airwell Fedders North America.
With the operational restructuring progressing under Mark Duffin's leadership, the Directors are now focusing on the strategies to take the Company to the next stage of achieving scale, greater profitability and continuing growth; both organic and through acquisition.
SERVICEPower's cash balances have reduced since the year end and the Company will be looking to strengthen its balance sheet at the appropriate time.
It is the Company's intention to keep shareholders fully informed of business developments at SERVICEPower and it is anticipated we will provide the market with a business update following the end of the current trading period. The Company expects to announce its interim results for the period ending 30th June 2008 in September this year.
For further information, please contact:
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SERVICEPower Technologies PLC |
Evolution Securities Limited |
ICIS Limited |
|
Tel: +1 410 571 6333 |
Tel: 020 7071 4300 |
Tel: 020 7651 8688 |
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Mark Duffin, Executive Director |
Bobbie Hilliam |
Tom Moriarty |
|
Adele Oliver, Vice-President Marketing |
Bob Huxford |
About SERVICEPower
SERVICEPower, publicly traded on the London Stock Exchange (LSE:SVR), allows companies to locate their employed field resources in the right geography, ensure they have the right mix of skills, and outside this geography create a network of independent, authorized service contractors whose costs are efficiently managed by our sophisticated warranty management software. The schedules and routes for both the employed field resources and the independent servicers are optimised by SERVICEPower's technology to ensure the right balance between the cost of operations and ensuring customers receive a superior service experience. Further information on the company can be found at www.servicepower.com
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