ServicePower Sees Strong Results for First Half of 2013

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The global field service management company reports more than 30 percent increase in revenue and operating profit.

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ServicePower, a market leader for outsourced service and field management, announced, its half-yearly report for the period ending June 30, 2013.

The first half of 2013 showed continued growth in our product offering, including the acquisition and integration to the field management platform of new device-agnostic HMTL5 hybrid mobile software, as well as the launch of a software as a service solution. Demand for our breadth of service offerings was further proven by an ever-growing client base, including new ServiceMobility customers, an international ServiceScheduling client, and several new ServiceOperations customers.

Operational Highlights

  • Acquisition and launch of ServiceMobility
  • Several significant contracts secured:
  •     Landmark global contract for ServiceScheduling
  •     Multiple ServiceScheduling relationships established
  •     Several blue chip companies signed contracts for ServiceMobility
  •     ServiceMarket contract with Assurant Solutions
  •     Launch of Servicers.com
  •     New ServiceOperation contracts were secured
  •      Extension of ServiceOperations contracts with an iconic British department store

As a result, revenue increased by more than 30 percent delivering an operating profit for the first six months of 2013.

Financial Highlights

  • Revenue of £7.3 million (H1 2012: £5.6 million).
  •      Using a 1.58 exchange rate for all subsequent US dollar amounts, equals revenue of $11.5 million (H1 2012: $8.8 million)
  • Gross profit £3.5 million (H1 2012: £2.4 million)
  •      Gross profit $5.5 million (H1 2012: $3.7 million)
  • Profit before tax £0.2 million (H1 2012: loss of £0.6 million)
  •      Profit before tax $0.3 million (H1 2012: loss of $0.9 million)
  • Cash balance of £2.3 million as at 30 June 2013 (30 June 2012: £4.1 million and 3 December 2012: £4.5 million), with the change due largely to short-term timing impact in receivables and maintenance renewals
  •      Cash balance of $3.6 million as at 30 June 2013 (30 June 2012: $6.4 million and 31December 2012: $7.1 million), with the change due largely to short-term timing impact in receivables and maintenance renewals

Marne Martin, formerly ServicePower Interim CEO/CFO, and named CEO September 11, 2013, said, “As stated in July, ServicePower has refocused on creating opportunities for our clients to benefit from our entire mobilized, multi-labor software platform. We continue to bring SaaS deployment, full mobilization, and integrated workforces to the market, as well as efficiencies to the small to medium sized contractor organizations that so many of our clients rely on to deliver on customer commitments. Our team of field service veterans is a valuable asset that we bring to market in conjunction with our global, mobile, field management platform."

"We’ve demonstrated success during the first half of the year, and believe the market is ripe for the long-term growth required to build shareholder value. ServicePower is innovating field service."

About ServicePower
ServicePower Technologies Plc is the only company that can provide a complete, global field management platform that controls all elements of the service lifecycle from offering an appointment, assigning resource and dispatching work through to tracking resources, processing claims and providing business intelligence and analytical reports. With advanced intelligence-based scheduling, dispatch and on demand auction software, as well as access to a global network of 86,000 repair and installation technicians, we enable companies to control and schedule work using a mixed resource pool of employees and independent contractors. ServicePower provides solutions that cross all industries. Selected current customers include Assurant Solutions, Mitsubishi, Farmers Insurance and Pitney Bowes.

ServicePower is listed on the AIM market of the London Stock Exchange with the ticker SVR.L. For more information please visit http://www.ServicePower.com

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Jenniffer Breitenstein
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