H1 losses for workforce software firm
MOBILE workforce software supplier ServicePower has reported a widening of half year losses but says it remains confident about the future as new contract wins will boost second half performance.
Half year revenues fell slightly to £6.4m (2015: £6.9m) to the end of June, with the company making a pre-tax loss of £700,000 (2015: £600,000).
On the positive side, recurring revenues account for 98% of the total, with 66% of that coming from product revenues.
Eleven deals were signed during the period with new and existing customers and the company underlined its strong pipeline for the second half of the year and into 2017 – since the period end the company has signed contracts worth more than £1m.
ServicePower said it has also entered into a number of strategic partnerships to broaden its functional capabilities and cloud-based offerings, sales and implementation capacity.
Marne Martin, chief executive of ServicePower, said: “ServicePower continues to execute on its strategy of innovation and development, and I am pleased with the positive momentum achieved in the period.
“Trading is once again in line with management expectations, on the back of a number of new deals signed in the first half of the year. We have a strong pipeline of opportunities ahead of us and I look forward to announcing further success in the second half.”
