ServicePower Secures Pounds 1m Loan for Ongoing R&D Work ; ?the Field Management Software Specialist Has Been Boosted by New Contracts

By Begum, Shelina | Manchester Evening News, February 9, 2016 | Go to article overview

ServicePower Secures Pounds 1m Loan for Ongoing R&D Work ; ?the Field Management Software Specialist Has Been Boosted by New Contracts


Begum, Shelina, Manchester Evening News


SOFTWARE firm ServicePower has secured a Pounds 1m loan facility to continue with R&D work as it announced a strong pipeline of projects in 2016.

The Stockport firm, which specialises in field management software, also reported a 2.4 per cent rise in revenues to Pounds 13m for the year to December 31.

It said gross profit is expected to remain unchanged at Pounds 6m, while losses have widened to Pounds 1.1m, up from Pounds 900,000 in 2014.

Product related revenue is Pounds 8.1m, up 12 per cent from Pounds 7.3m with a gross margin of 65 per cent.

The group's professional and managed service revenue is Pounds 4.9m, down 12 per cent from Pounds 5.5m in the previous year. This decline is a result of a delay in professional services implementations in 2015 carrying forward into 2016 and the expiration of a low margin contract.

The new unsecured short term loan facility for Pounds 1m from Herald Investment Trust has been made available for ongoing working capital purposes and in order to continue R&D investment. …

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