News blog

ServicePower Technologies

• BY: Andrew Hore |
• POSTED: 11/09/2013 |

Finance director Marne Martin is taking over as chief executive of scheduling software provider ServicePower Technologies.

Mark Duffin has stepped down as chief executive of and left the board.

ServicePower returned to profit in the first half of 2013 on the back of a jump in revenues from £5.6m to £7.3m. There was a £1.2m increase in Licence revenues to £1.7m. The service scheduling division was behind nearly all of the growth in group revenues but both sides of the business have improved their margins. At 23.9%, service operations margin is still well below the 59.4% operating margin achieved by service scheduling.

A loss of £567,000 in the first half of 2012 was turned into a £219,000 2013 interim profit. However, that profit is due to a swing from a foreign exchange loss of £146,000 to a gain of £556,000. There was a large cash outflow in the period due to working capital increases. Net cash was £118,000 at the end of June 2013, down from £2.5m six months earlier. The working capital change should unwind in the second half and the cash figure should be higher at the end of 2013.

The strategy is to focus on selling to existing clients and winning new customers.

At 3.88p a share, down 0.38p, ServicePower is valued at £7.8m. There are no forecasts for 2013.

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