Field management specialist seals £1m funding line

SOFTWARE company ServicePower, which specialises in helping companies deploy staff working in the field in an  efficient manner, has sealed a £1m loan from one of its major shareholders.

The AIM-listed company, which has its headquarters in Stockport, said the unsecured loan from Herald Investment Trust would be used for working capital and product R&D. It is repayable in full on December 16 this year and carries interest at a rate of 8% per annum.

In a trading update for 2015, ServicePower said revenue is expected to have risen around 2% to £13m, while looses after tax will be up from £900,000 to £1.1m.

Chief executive Marne Martin said the company is well placed for growth in 2016, with a good momentum in sales – 16 contracts have been agreed since the start of July 2015, four of which were in January.

She said: “ServicePower continues to see momentum in sales and marketing execution, product innovation, and expansion of our partner ecosystem. Enhanced global contract activity, new white labelled products like NEXUS FSTM and Optimization on DemandTM which expand our sales pipeline through offering end-to-end, cloud based field service management software, as well as optimization as a service, and continuous enhancement to our industry acknowledged workforce management platform, position ServicePower well for 2016.”

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