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Share Name | Share Symbol | Market | Type |
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Silver Storm Mining Ltd | TG:SVR | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.0014 | -1.47% | 0.0936 | 0.0886 | 0.0986 | 0.0988 | 0.0946 | 0.095 | 37,501 | 22:50:01 |
RNS Number:2597J ServicePower Technologies PLC 27 March 2003 ServicePower Technologies PLC ("ServicePower" or the "Company") Preliminary results for the year ended 31 December 2002 ServicePower Technologies plc, the established market leader in artificial intelligence based field service scheduling applications, today announces its preliminary results for the 12 months ended 31st December 2002. Highlights Revenue up 42% to #4.5M (2001 #3.2M) Loss reduced to #0.6M (2001 #2.7M) Traded profitably in second six months Gross margin increased to 75% (2002 65%) Costs reduced by #1 million, annualised Significant #1.7 million contract signed with a US insurance company Contract signed with Siemens Energy Services in UK which replaces our major competitor Partner program delivers first major success Go live at GE Consumer Products (GECP) in US Go live at Installs with contractor-scheduling model Second contractor-scheduling contract signed Partnership agreement signed with GECP to develop contractor scheduling model 5% warrant granted to GECP DTI SMART grant awarded January 2003 Massively scaleable Version 5 SERVICEPower released to support Web based deployment New products delivering additional revenue Enquiries: ServicePower Technologies PLC Barry Welck, Chairman Tel: 07831 396539 David Brisco, Chief Executive Officer Tel: 0161 476 2277 Evolution Beeson Gregory Limited Tom Price Tel: 0207 488 4040 Chairman's Statement Introduction I am pleased to report a successful outcome to trading in 2002. Revenue has increased by 42% to #4.5 million and the company has reduced its losses to #0.6 million. Contracts awarded in the last quarter have allowed us to report a profit in the second half year and significantly strengthened the balanced sheet with large injections of cash. This is a major achievement in what has been a difficult year for all enterprise software vendors. We have continued to develop our contractor-scheduling model, and the recently announced partnership with GE Consumer Products (GECP), formerly GE Appliances, will help to develop the concept. I see 2003 as the year in which we define this market, further develop the technology and establish the business case for delivering corporate systems and processes to the small service company and independent contractor. In addition the transaction-pricing model and the relationships we have developed with our partners will continue the process of de-risking the traditional business model of the company. Results and Dividend The revenue increased 42% to #4.5 million (2001 #3.2 million). The loss before taxation was #0.6 million (2001: loss of #2.7 million). The gross margin has increased from 65% to 75%. The Company has again received a significant cash refund since the year-end from the Inland Revenue R&D tax credit scheme. The operating cost base has been reduced by #1 million (annualised), principally as a result of the cost cutting exercise initiated in June in response to continued difficult trading conditions in the US. The loss per share for the period was 0.64p (2001: loss per share of 4.9p). The Directors are not recommending the payment of a dividend. Operational Review The US is our major market accounting for 77% (2001 81%) of our total revenue. Revenue from US operations increased 35% in 2002 and will remain our primary focus for future growth. Gross margin has increased significantly to 75% (2001 65%) due to an increase in software licences and recurring revenues, the latter amounting to #1 million in 2002 having risen more than 40% from the previous year. The software licence contract signed in December with a US insurance company was won after a proof of concept that demonstrated the quality of our solution in a new vertical market. We actively encourage our prospects to perform benchmark testing before deciding on a technology platform, since we are very confident of being able to out perform any competitors and demonstrate a compelling return on investment. The increased revenues in the UK have primarily come from a contract signed in April with Siemens Energy Services (see below) and this contract will continue to deliver revenue in 2003. The focus of the Company in 2002 was in four key areas: * Reaching a profitable and cash positive situation; * Developing the "contractor scheduling" concept with industry peers; * Developing partnerships with mid-sized CRM vendors; * Educating the market on the return on investment that ServicePower can deliver. It is clear that in the current economic conditions the company must trade cash positively. To this end we again reduced the cost base to a little over #5 million, annualised. Whilst the Company lost #0.6 million for the year as whole, the second six months produced a profit of #0.8 million and was cash positive. The directors believe the costs are in line with the future anticipated revenue in 2003. We have signed two new agreements with partners that allow them to distribute our product to the lower end of the market, i.e. companies with 100 to 500 technicians. The first was with Astea International, a company listed on the NASDAQ index in the US. Astea is a well-established enterprise software vendor with more than 400 sites world-wide. The second is with FieldCentrix, a quickly-growing US private company with more than 100 sites. We had our first success with Pacific Design Sciences Corporation (PDSC); a partner signed in October 2001. The contract which PDSC won was announced in October 2002 and is worth more than $1 million. The directors believe that ServicePower will prime contract the first implementations won by each of our partners, thereby taking the majority of the revenue. In Europe, Square BV an international supplier of field service software to the office equipment market has chosen our scheduling application to replace our major competitor's solution for add on capability to their existing customer base. Their efforts have been rewarded with Danka BV deploying ServicePower initially in Holland and with further opportunities in the rest of the organisation. Further sales will be delivered directly by our partners as SERVICEPower becomes more closely integrated with their enterprise software products. In June our new product that schedules the work of contractors, rather than employed technicians, went live at Installs Inc., a domestic satellite TV installer in the US. Whilst rollout has initially been slow, as we necessarily work with Installs and the contractors to fully develop the software infrastructure, the directors are very confident that the project will be a success. Installs have already seen both efficiency improvements in the field and 40% improvement in the throughput of calls in the call centre. In September Installs raised a further $35 million to underpin their business plan, and as soon as the software infrastructure is firmly established additional contractors will be brought onto the system quickly. There are currently 200 contractors on the system and the directors anticipate this will increase substantially during 2003. I am pleased to announce that we have recently started work with a third company to develop and implement a contractor scheduling system. At this time, due to commercial considerations, I am only able to say that it is with one of the largest electrical retailers in the US. I expect to update shareholders in due course. A significant development, announced in February 2003, is the agreement with GECP. This agreement involves GECP working closely with the company to develop the product infrastructure and commercial model to deliver corporate systems and processes to the small service company and independent contractor. GECP uses many thousands of independent companies across the US to deliver extended warranty services to GECP customers. The directors view the active involvement of one of the world's leading service companies with ServicePower, its technology and contractor scheduling vision as being very beneficial to the future growth of the business. In recognition of this partnership the company allotted warrants over 5% of the ordinary shares of the company in favour of GECP on 5th February 2003. The warrants were granted at an exercise price of 10p. The warrant was approved by shareholders at the AGM held in May 2002. The contract with Siemens Energy Services Limited (SESL) in the UK in April has been a great success. In addition to extending the use of SERVICEPower to new parts of the SESL operation, we are prime contractor for the development of a customer specific service management system to replace the existing systems used to manage the business of electricity meter operations for the East Midlands and Eastern regions. This demonstrated our project management capability and will act as reference for us in other opportunities when the client wants an integrated solution with one prime contractor. We were particularly pleased that this included the replacement of a competitive scheduling supplier. The systems were delivered on time and went live in Q1 2003. We anticipate this contract will deliver incremental revenue in 2003 as Siemens' rapid expansion in the meter operations business continues. Products In 2002 we released Version 5 SERVICEPower, incorporating a massively scaleable architecture. This architecture will form the basis of all future product functionality releases. The new architecture is a huge step-increase in performance, moving us from the ability to handle 70,000 service calls per week to more than 120,000 per hour. Several existing customers are currently upgrading to Version 5, but it is in underpinning the web-based contractor scheduling commercial model that its true value will be seen, where transaction volumes are not limited by call centre staffing levels. We have recently been awarded a prestigious SMART Grant by the UK government amounting to #150,000 to help develop the contractor scheduling product. This grant will offset some of our development costs over the next 18 months. We have broadened the core product with new modules launched in 2002, and now have the SP/Analytics reporting tool and the SP/Mobility mobile communications solution. The directors have high hopes for the SP/Mobility product as the recent emergence of industry standards is allowing us to provide a low cost solution that offers future proof technology in contrast to the high prices being asked by the specialist suppliers. The ability to pass real-time status updates from the field builds directly onto SERVICEPower's capability to re-optimise in real-time throughout the day. SP/Analytics provides detailed analysis of the day's performance, providing management with visibility and the opportunity to control future service delivery performance. In addition, we now have SP/Planner, a unique map-based visual planning tool developed in co-operation with GECP. This is a revolutionary approach to planning and uses variables such as the real road network, jobs, skills etc to plan future workloads and the best locations for technician recruitment. Each of the modules is individually priced and several customers have already made purchases delivering incremental revenue to us. Outlook We currently have #1.7 million contracted revenue for 2003, plus a growing revenue stream from the new contractor business model. We continue to deliver additional revenue from existing customers, projects that were delayed in 2002 are now receiving capital expenditure authorisation and the company is well placed in several new sales campaigns. Our partnership with GECP is a significant step forward in establishing the credibility of our contractor scheduling business model and the directors are very focussed on turning this opportunity into a profitable and cash generative business during 2003. The Company has sufficient cash to fund our current activities, particularly as the directors are confident the Company can move into profit and be cash positive during 2003. The service industry now sees optimised scheduling as essential, and we are recognised by the industry analysts as one of the market leaders in this sector due to our particularly impressive client list amongst US Blue chip companies. This gives the Board confidence for the future growth of the Company. Barry Welck Chairman 27th March 2003 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2002 2002 2001 Note #'000 #'000 As restated Turnover 4,483 3,150 Cost of sales 1,114 1,091 ________ ________ Gross profit 3,369 2,059 ________ ________ Administrative expenses - excluding exceptional items 4,023 4,696 Administrative expenses - exceptional items 3 (98) 150 ________ ________ 3,925 4,846 ________ ________ Operating loss (556) (2,787) Interest receivable 7 87 Interest payable and similar charges (6) - ________ ________ Loss on ordinary activities before (555) (2,700) taxation Taxation on loss from ordinary activities (228) (200) ________ ________ Loss on ordinary activities after taxation (327) (2,500) and retained deficit for the year ________ ________ Loss per share 2 Basic and diluted (0.64) p (4.90) p Basic - adjusted for exceptional items (0.83) p (4.60) p ________ ________ All amounts relate to continuing activities. All recognised gains and losses are included in the profit and loss account, apart from exchange translation differences of #5,000 (2001: #1,000). CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2002 2002 2001 #'000 #'000 #'000 #'000 Fixed assets Tangible assets 42 119 Investments 250 250 ________ ________ 292 369 Current assets Debtors 1,126 1,210 Cash at bank and in hand 1,749 1,030 ________ ________ 2,875 2,240 Creditors: amounts falling due 2,294 1,306 within one year ________ ________ Net current assets 581 934 ________ ________ Total assets less current 873 1,303 liabilities ________ ________ Capital and reserves Called up share capital 5,107 5,107 Share premium account 8,076 8,076 Share scheme reserve 17 115 Merger reserve (3,008) (3,008) Profit and loss account (9,319) (8,987) ________ ________ Shareholders' funds - equity 873 1,303 ________ ________ CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2002 2002 2001 Note #'000 #'000 #'000 #'000 Net cash inflow (outflow) 5 288 (2,207) from operating activities Returns on investments and servicing of finance Interest received 7 87 Interest paid (6) - ________ ________ Net cash inflow from returns on 1 87 investment and servicing of finance Taxation UK Corporation tax refund 259 - Capital expenditure and financial investment Purchase of tangible fixed assets (4) (18) Sale of tangible fixed assets 1 1 Purchase of fixed asset - (250) investments _______ ________ Net cash outflow from capital (3) (267) expenditure and financial investment ________ ________ Cash inflow/ (outflow) before use 545 (2,387) of liquid resources and financing Management of liquid resources Decrease in short term deposits 300 2,800 Financing Issue costs - (20) ______ ______ Cash outflow from financing - (20) _______ ________ Increase in cash in the year 845 393 ________ ________ NOTES 1. Financial information The financial information in this statement does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The statutory accounts for 2001 have been filed with the Registrar of Companies and received an unqualified auditors report. The 2002 accounts also received an unqualified audit report, and will be sent to shareholders and the Registrar of Companies shortly. Copies will be available from The Company Secretary, ServicePower Technologies plc, Petersgate House, St. Petersgate, Stockport SK1 1HE. 2. Loss per share Basic and diluted loss per ordinary share was calculated by dividing the loss by the weighted average number of shares in issue during the relevant financial periods. The adjusted loss per share is based on the earnings used for the basic calculation as adjusted for the exceptional items. There are no dilutive potential ordinary shares in issue. 2002 2001 Number Number Basic number of shares 51,070,852 51,070,852 _________ _________ #'000 #'000 Loss (327) (2,500) Exceptional item (98) 150 _________ _________ Adjusted loss (425) (2,350) _________ _________ 3. Exceptional items 2002 2001 #'000 #'000 The exceptional items relate to the following: Redundancy costs - 150 Reduction in fair value provision (98) - on share options waived in year ________ ________ 4. Restatement of results Implementation services are now charged to cost of sales according to actual time spent by implementation consultants working on clients projects, the remainder of their time being charged to overheads. This represents a change from prior years whereby all implementation consultants' costs were allocated to cost of sales and the directors believe this more accurately reflects the true cost of implementation. This resulted in a reallocation of costs from cost of sales to administration expenses for the year amounting to #221,000. 2001 results have been restated on a consistent basis, reallocating #403,000 from cost of sales to administration expenses with no effect on operating loss. 5. Reconciliation of operating loss to net cash outflow from operating activities 2002 2001 #'000 #'000 Operating loss (556) (2,787) Depreciation 74 139 Profit on disposal of 1 (1) tangible assets Decrease in debtors 53 370 Increase in creditors 814 72 Share scheme reserve (98) - _______ _______ Net cash inflow (outflow) 288 (2,207) from operating activities _______ _______ 6. Dividends The directors do not recommend the payment of a final dividend (2001: nil) This information is provided by RNS The company news service from the London Stock Exchange END FR UNOWROOROUAR
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