ServicePower revenue to top forecasts

Date: Thursday 28 Jan 2010

Field engineer software specialist ServicePower expects 2009 revenues to beat expectations and its net cash balance to be about £3.5m at the year end.

The firm announced a substantial restructuring programme at the half-year stage which is expected to result in considerable costs savings, although there’ll be some one-off charges.

It will take a £0.9m exceptional charge, a foreign exchange loss of £1.2m and, as a result of a change in revenue mix due to two existing client contracts operating on a margin below ServicePower’s traditional growth margin, there will be a £0.6m shortfall against management's previous expectations.

‘With a substantially reduced cost base following on the restructuring and a healthy pipeline of new orders we look forward to the future with confidence,’ said CEO Mark Duffin.

« Go back to news channel

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE