Foreign exchange makes ServicePower’s profit
SERVICEPOWER, the Stockport-based outsourced field management company, has announced a huge hike in profits in 2008, to £600,000, helped along by a significant gain in foreign currency conversion.
The company would have made another loss, were it not for the £3.1m made through currency conversion for the year to the end of December 2008 – the year before it made a loss of £500,000. Revenues increased by 11% to £15.6m.
Last year, ServicePower restructured itself as a sales rather than technology led company. The company has a cash balance of £4.4m, following equity fund raising, which it said it would use to drive forward its new sales-focused strategy.
Chief executive Mark Duffin said revenue growth had been driven by new product launches, a strengthened sales team and increased marketing.
He said: “We have successfully forged many new partnerships with leading retailers and manufacturers who are increasingly recognising the quality of our products and services.
“We are continuing to experience additional demand for our cost-saving offerings sparked by the downturn in the wider economy. With this demand showing no signs of abating we are excited about the opportunities for 2009 and beyond and look forward to the remainder of the year with confidence. All of this has been made possible by the hard working efforts of our employees.”
ServicePower said its newly restructured sales forces are now targeting potential customers in Europe and Asia, which it said would not only widen its global reach outside of the US but also minimise its exposure to a downturn in a specific sector or geography.
