Servelec set for strong 2014
SERVELEC Group, which made its debut on the main market of the London Stock Exchange late last year, announced its maiden results this morning and said it is well positioned to take advantage of growth opportunities in the year ahead.
The company, which operates from offices around the UK and internationally, with the largest number of its employees being based at the company’s headquarters and purpose-built engineering site in Sheffield, floated on the main market in December with its £123m valuation making it the largest tech initial public offering in three years and the software sector’s biggest since 2000.
For the year to December 31, 2013, Servelec posted revenue of £42m up from £39.4m the year before, while pre-tax profit came in marginally higher at £10.91m from £10.89m.
Servelec also said it expects to pay its first dividend as a listed company in the half year to June 30.
Chief executive Alan Stubbs said: “I am delighted with the performance of Servelec Group in 2013 and I look forward to 2014 with great enthusiasm.”
Servelec Group provides software, hardware and services predominantly to the UK healthcare, oil & gas, nuclear, power, water, utilities and broadcast sectors, and has grown both organically and through acquisition and now operates two divisions:
– Servelec Healthcare: specialises in the design, development and implementation of Electronic Patient Record software within secondary care settings and is a market leader in the Mental Health and Community Health sectors in England; and
– Servelec Automation: provides complex, mission-critical control systems to large blue-chip companies mainly in the UK, focusing on the oil & gas, nuclear, power, utilities and broadcast industries.
The group said: “The board looks forward to 2014 with great enthusiasm as it considers Servelec, a newly-independent business and recently listed on the main market of the London Stock Exchange, is well poised to take advantage of the considerable opportunities for growth and development available to it.
“A reason for Servelec listing on the London Stock Exchange was to benefit from the wider availability of capital for the development and growth of its business including funding for acquisitions. Whilst organic growth and development of the group is fundamental, we will also look for suitable acquisition opportunities that will enhance and accelerate the overall growth and development of the group.”
Last night, Servelec’s share price closed at 269p.
