ServicePower to beat expectations

Outsourcing software developer ServicePower Technologies said a strong performance in the last quarter of the year meant 2011 results would come in above market expectations.

The firm expects revenue for the year to 31 December 2011 to be around £13.2m and profit before tax to be £1.1m.

It also said it expects to report a net cash balance of approximately £5.5m at the year end.

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The news caused the company's shares to leap almost 17% in morning trading.

Chief Executive Mark Duffin said the performance was due to the quality of the company's field service software and dedication of its team.

"The company has a healthy pipeline, increasing revenue visibility and a growing core of first class customers," he said.

"We are confident of our on-going prospects and look forward to updating the market at the time of our full year results, due to be announced in March."