26th Jan 2009 07:00
ServicePower Technologies PLC
("ServicePower" or the "Company")
Trading Update
ServicePower (AIM: SVR), a market leader for outsourced service and field management, is pleased to report that trading progressed according to plan during the second half of 2008.
The Company expects to report that revenues for 2008 were at least 9% ahead of prior year revenue. The Company further expects to report that for the year ended 31 December 2008, its result before tax is well ahead of management's previous expectations, primarily due to gains from foreign currency fluctuations. The Company's balance sheet was considerably strengthened during the period by the successful fundraising announced in July 2008, and the Company ended the period with cash balances of £4 million at 31/12/08.
Mark Duffin, CEO of ServicePower commented, "ServicePower has built upon a strong first half to the year in which we signed our first SERVICEOperations contract with a major retailer, with a good second half which has seen several contract wins for the newly launched SERVICEStats product. We are also enjoying a strong pipeline of future business as the challenging economic climate is driving a growing demand for our cost-saving offerings. With our restructuring now complete and our new sales teams in place we are looking forward to 2009 with confidence."
For further information, please contact:
|
ServicePower Technologies PLC |
KBC Peel Hunt Ltd |
ICIS |
|
Tel: +1 410 571 6333 |
Tel: 020 7418 8900 |
Tel: 020 7651 8688 |
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Mark Duffin, Executive Director |
Matt Goode |
Bob Huxford |
|
Adele Oliver, Vice-President Marketing |
Oliver Stratton |
Caroline Evans-Jones |
About ServicePower
ServicePower, currently publicly traded on the AIM market operated by the London Stock Exchange (AIM: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, authorised 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.
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