Full-year revenues up 25% at ServicePower

FIELD management software specialist ServicePower Technologies said new contracts and client renewals had helped increase revenues by 25%.

The Stockport-based firm, which has operations in the US, expects earnings before interest, tax, depreciation and amortisation (EBITDA) of £100,000 from the year to December on sales of £14m.

In a trading update the company said cash strengthened in the second half leaving it with some £2.7m by the year-end.

Chief executive Marne Martin said: “During 2013 we achieved our stated goal of securing a firmer financial footing from which to support ServicePower’s continued growth. We have continued to invest in our product portfolio and increase our addressable market through enhanced geographic localisation and broadened functionality.

“While the deal and salary costs related to the acquisition from Stratix Corporation and the exceptional expenses related to transactions and organisational restructuring during the year did have an impact on profitability, we are pleased with the strong progress the company made in 2013 and confident that the company has entered 2014 from a position of strength with a stronger revenue base and improved growth prospects.”