Profits surge at ServicePower

FIELD management software specialist ServicePower Technologies has reported an 83% surge in profits, despite falling revenues.

The AIM-listed Stockport-based group said the much-improved profit of £1.1m was the result of a turnaround plan which began in 2009.

Reflecting a focus on higher-margin work, turnover in the year to the end of December 2011 fell 27% or by £5m to £13.3m.

ServicePower said account wins from major organisations including the RSPCA, Homeserve,and Richer Sounds, give it a strong foundation for future growth.

Chief executive Mark Duffin said: “The significantly improved results achieved this year demonstrate the success of the turnaround programme which began in 2009 and has, with the delivery of these results been completed.

“This year has seen the addition of several prestigious companies to our customer base demonstrating the quality of our product offering enabling us to maintain our position in a competitive market.

“With a robust and scalable software platform, a growing customer base and strengthened financial position we believe the opportunities for ServicePower to be highly encouraging.”