ServicePower optimistic despite half-year loss
NORTH West business software company ServicePower Technologies, which specialises in workforce management of employees working on location, said it is making good progress but the timing of contract payments led to lower half-year revenues.
In the six months to the end of June the Stockport firm made a pre-tax loss of £900,000, down from a £200,000 profit last time. Revenues slipped from £7.3m to £6.2m.
The company has moved from a perpetual licence model for its software to software as a service (SaaS), where customers pay on a subscription basis. This affected the income figure along with the negative impact of the strength of the pound against the dollar.
Chief executive Marne Martin said: “ServicePower has made good progress in the first half of the year. We have executed on our stated strategy that continues into 2015, investing in technology and platform development whilst increasing the number of contracts signed and the pipeline of opportunities.
“Increasing brand recognition has supported growth in the number of contracts signed and has driven entrance into new markets and verticals. With good visibility of customer implementations and a doubling of our sales pipeline,we are confident in achieving strong growth and growing profitability in the second half of 2014 and beyond.”
