ServicePower cuts losses in first half of 2015

Greater Manchester-based software provider ServicePower has posted losses for the half year ending June 30, with bosses now predicting a stronger cash position over the next six months.

While total revenues rose by 13% to £6.94m, the Stockport firm posted a LBITDA of £0.2m. The loss was, however, 71% lower than at the same point in 2014.

Similarly, ServicePower reported a 33% reduction in its pre-tax loss, which stood at £0.6m. As a result, the company now expects to achieve a positive EBITDA in the second half of the year.

CEO Marne Martin was positive about the results. He commented: “I am delighted to be able to report that trading for the first half is in line with management expectations and ahead of the same period last year.

“ServicePower continues to focus on innovation and the development of our core products: optimised scheduling, mobile dispatch and third party contractor management.”

He added: “That focus, in addition to our growing strength in sales and execution, is to continue building on the momentum achieved in the first half of 2015.”

The six-month period saw ServicePower invest in its existing mobile workforce management software, improving customer functionality in its ServiceOperations product and adding new features to its ServiceMobility software.

ServicePower reported a client retention rate of 83%, a figure it believes was driven by its flagship ServiceScheduling product.