Profits down at ServicePower
MOBILE workforce software supplier ServicePower has reported a slight widening of full year losses but says it is on track for a sucessful 2016.
Full year revenue increased by 2% to £13.m for the year ended 31 December 2015 (2014: £12.7m)and the company said the performance reflected a growth in licenses and SaaS contracts.
However, whilst gross profit increased by 2% to £6.1m (2014: £6m), the statutory loss after tax widened to was £1.1m (2014: £900,000).
The AIM company which has its head office in Stockport said this was down to investment in product development and greater amortisation of intangible assets.
The company said that while it has enjoyed high client retention – customers including Mitsubishi, Farmers Insurance, AIG Warranty and Pitney Bowes use ServicePower’s software – its pipeline and the number of qualified leads have also continued to grow.
During the year it launched RESTful APIs and user interfaces – the first product to offer the power of an artificial intelligence algorithm solely as a cloud, Software as a Service offering, available on demand.
Meanwhile, the launch of its NexusFSTM platform will allow the company to broaden its product reach and innovation in the optimisation arena, allow for strategic alliances, and will drive increasing global momentum.
Marne Martin, chief executive of ServicePower, said: “With a proven ability to win new customers, the validation by Gartner of the investment in strategic innovation and development of our global field management platform, ServicePower is positioned for a strong performance in 2016 and beyond.
“Our growing, prestigious client base, which include well-known global brands, is proof of our commitment to providing the best and most technologically advanced field management tool in the world.”
She added that trading in 2016 has continued in line with management forecasts and that the company is confident of a successful year.
ServicePower had a gross cash balance of £1.4m, down on last year’s £2.7m following a total repayment of £770,000 unsecured loan facility.
