Posted on March - 29 - 2010
Software supplier’s £4m loss
Stockport-based ServicePower Technologies posted pre-tax losses of £4m for 2009 but chief executive Mark Duffin said the company now has a good platform for growth, both organic and thorough selective takeovers.
ServicePower supplies software to companies which organise the repair of household appliances to help them deploy staff more efficiently, for the scheduling of warranty and insurance repairs and installation of big household items.
It saw revenues rise 16 per cent last year from £15.6m to £18.1m but plunged into the red after incurring exceptional costs including £800,000 in redundancy payments to 38 of its staff, leaving it with a workforce of 90. Mr Duffin said the restructuring would save the company £2.2m a year.
ServicePower also wrote off £800,000 associated with developing a new application which has since been scaled back. In 2008, the firm made profits of £600,000.
Mr Duffin said: “ServicePower has had a productive year in spite of a difficult market place. The business now has a good platform for growth, both organic and through very selective acquisitions.
“With new products and a focused strategy the company has built up a healthy pipeline of potential business and the board looks forward with confidence to the opportunities for 2010 and beyond.”
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