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ServicePower Technologies

  • BY: Andrew Hore |
  • POSTED: 22/03/2012 |

Scheduling and operations management software provider ServicePower Technologies reported 2011 revenues and profit ahead of expectations set 12 months ago.

Revenues declined from £18.3m to £13.3m as the company concentrates on higher margin business. The ServiceScheduling revenues grew but low margin ServiceOperations revenues halved. Most of the decline was in the UK. In 2011, pre-tax profit, excluding foreign exchange gains and provision releases, jumped from £11,000 to £935,000. This improvement was helped by a reduction in amortisation from £324,000 to £30,000. R&D costs declined from £831,000 to £705,000 but the bad debt write-off increased from £49,000 to £174,000. 

ServicePower has £5.47m in the bank and a convertible loan note in the balance sheet at £1.72m.

New customers include the RSPCA and food safety company Steritech. Web-based product ServiceMarket is being launched this year.

House broker finnCap expects the profit to edge up to £1.2m in 2012. However, an outflow of working capital is expected during the year as payment terms are extended.

At 8.75p a share, ServicePower is valued at £16.6m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMarch2012_30.pdf

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