ServicePower Technologies reveals expected full year loss

ServicePower Technologies, a company which provides outsourced services and field management, confirmed Friday the details of its expected loss for the year ended December 31st.

Revenue for the 12 month period is set to total £11.1m, with the expected earnings before interest, tax, depreciation and amortisation (EBITDA) result being a loss of £1.3m and pre-tax losses of £1.8m. Of this loss, £0.5m is expected to relate to foreign exchange losses.

The company said the board expects to report a net cash balance of approximately £4.5m at the year end.

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On a more positive note, the company said it has experienced protracted contract negotiations on several significant contracts that are now progressing positively and the company expects to conclude contracts worth over £1.0m in revenue for 2013 by the end of the month.

Mark Duffin, Chief Executive Officer of ServicePower, said: "We continue to increase our client reach with negotiations on several significant contracts with a range of blue chip corporations in both the US and UK. We are in the process of further extending our service platform, by adding the power of crowd-sourcing, mobility and the cloud to our products.

"ServicePower is at the forefront of the field services industry, committed to providing an unrivalled service in terms of quality and breadth of product capabilities, and given the visibility in the sales pipeline we believe the prospects of ServicePower in 2013 to be positive."

NR