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RNS Number:8868P
ServicePower Technologies PLC
18 September 2003
ServicePower Technologies Plc
Interim report for the six months ended 30 June 2003
________________________________________________________________________________
ServicePower Technologies PLC
("ServicePower" or the "Company")
Interim Results for the six months ended 30 June 2003
KEY POINTS
*Revenue marginally up at #996k compared to same period in 2002
*Support & Consultancy revenues up 22% on same period in 2002
*Gross margin unchanged at 55%
*Half year loss reduced to #1,146k (June 2002 #1,252k)
*Unprecedented number of new sales opportunities
*New contracts signed since 1st July worth #1.3 million in 2003
*Proof of concept signed with US Fortune 100 company
*Continued revenue growth anticipated
*Contractor-scheduling model developing well
*V5 SERVICEPower live at 4 customer sites
*SERVICEMobility - first sale plus a proof of concept
*Increased presence in mainland Europe through partnerships
ENQUIRIES:
ServicePower Technologies PLC (UK)
Barry Welck, Chairman Tel: 07831 396539
David Brisco, Chief Executive Officer Tel: 0161 476 2277
Evolution Beeson Gregory Limited
Tom Price Tel: 020 7071 4300
Michael Brennan Tel: 020 7071 4300
CHAIRMAN'S STATEMENT
Introduction
This year we have seen an unprecedented number of sales opportunities indicating
the market for automated scheduling solutions is now established. We are
receiving more requests for proposals (RFP) from companies with whom we have had
no previous contact and an increasing number of opportunities being referred to
us by our partners. The SERVICEPower brand is now well recognised and our
products are trusted to deliver quality solutions and a significant return on
investment (RoI).
We continue to be seen as the solution of choice for the larger corporate
buyers, however they are demanding RoI be proven before deployment. This
increases the length of the sales cycle as the companies run a proof of concept
and initial pilot before moving to enterprise deployment. However it provides us
with good visibility and high confidence about the predictability of future
revenues and cash flow.
Revenue for the first half of 2003 is marginally increased from the same period
last year at #996k, the gross margin at 55% is unchanged despite reduced
software licence fees. Software support and consultancy revenue is up 22% to
#792k, being evidence of the underlying strength of the business and both will
increase as more sites go live. The proposals submitted in the first six months
of this year are starting to deliver new contracts and revenues for 2003 and
beyond. We have won 3 new contracts and a proof of concept since 1st July worth
#1.3 million for 2003 alone. The larger contracts are taking a little longer as
the RoI requires confirmation prior to contract signature. The directors have
confidence in the continued revenue growth of the business and that we will soon
be trading profitably.
Results and Dividend
The loss before and after taxation was #1,146k (2002: loss of #1,252k). The
operating cost is #99k less than the first half of last year as expenditure
remains closely controlled. The loss per share for the period was 2.21p (2002:
loss per share of 2.45p). The Directors do not recommend the payment of a
dividend.
Business Review
I reported at the AGM in May the company had tendered for an unprecedented
number of contracts. I am pleased to report this high level of activity has
continued into the second half of the year and it became clear we would need
more resources to deliver these projects. A placing of shares with existing and
new institutional investors was successfully completed in May, raising #786,000
net of costs. Furthermore our bankers HSBC have extended our #350,000 overdraft
facilities for another year. This gives us financial security to increase our
consultancy resources as required. I do not envisage the need to raise
additional cash funds.
We have previously reported since 1st July we have won contracts with Benco
Dental in the US, and with Gent and Siemens Communications in the UK. I am very
pleased to now be able to announce the award of a funded proof of concept with a
world-renowned Fortune 100 company. In view of our success in turning proof of
concepts into successful rollouts, the directors are very confident this project
will make a major contribution to future revenues. In addition, existing
customers continue to place additional business with us.
Technology and Products
ServicePower is renowned for the breadth and quality of its product
functionality and the directors are determined this will remain so. The product
strategy has three elements.
* The first stage was to re-architect the core product to deliver a resilient
and massively scalable system. This was delivered with V5 at the end of 2002 and
since the launch, 4 of our customers have upgraded to the new version with a
further 5 currently in-test.
* The second stage is to extend the breadth of functionality. Working with new
large customers in new market areas will extend our functionality and allow us
to sell to a broader marketplace. The next significant delivery will be V5.3,
which we expect to be available at the end of 2003.
* The third stage is to extend the range of products we offer. Building on our
new SERVICE/Planner and SERVICE/Analytics products released in 2002, this year
we released SERVICE/Mobility. This was developed with Konaware Inc. It is a
state-of-the-art application that allows field service technicians to receive
information about their jobs and report progress back to their headquarters in
real time. We have plans to develop further optional modules with our software
partners.
Partnership Agreements
In addition to software partners, the company is developing partnerships with
companies that will sell, install and support the product in new markets and in
particular to non-English speaking countries. We are currently working on
several sales campaigns with PDSC and Astea in the US, and with Square in
Europe. In March we signed an agreement with Productility to distribute
SERVICEPower in Italy and I expect to soon announce similar arrangements for
other European countries.
Recent reports by leading industry analysts recommend service companies
prioritise projects ranked by RoI. ServicePower is now in a position to deliver
three of the highest ranking complementary applications, automated scheduling,
mobile communications and information optimisation, thanks to our existing US
partnership with Konaware and our recently signed agreement with Infomill, a
company based in the UK.
Contractor Scheduling
The long-term view for this business model is very positive. Our three
contractor initiatives continue to progress. Our early entry into the contractor
market has put us into a strong position to take advantage of our relationships
with manufacturers and service companies as the economic conditions improve.
In the short-term the reduction in consumer spending in the US has hindered the
development of the contractor-scheduling model. Each of the companies we are
working with has introduced expenditure restrictions which have slowed down the
implementation and rollout of systems. Whilst revenue is still limited, we have
minimised the expenditure committed to the project to ensure we are cash
neutral. I anticipate the revenues will increase in the second half of the year
as our clients relax their controls in anticipation of the US economic recovery.
I also anticipate ServicePower will look to invest heavily in this sector in the
next twelve months.
Outlook
The volume of our business from direct sales is rising quickly this year. The
number of prospects continues to rise and we are currently on the short-list in
several procurements. Industry analysts are in agreement that the demand for
products which manage, control and improve the efficiency of mobile field
service staff is growing faster than the remainder of the CRM marketplace. By
working closely with our partners to broaden our product offering and our
channel to market, ServicePower is well placed to maximise the return from this
market.
We are now in a position to exploit the opportunity we have created with the
contractor-scheduling commercial model and crucially, to build upon the
relationships we have developed with key job providers. This growth opportunity
is key to our long term ambitions to deliver consistent monthly revenues and
cash.
Accordingly the Board is very confident for the future of the Company.
Barry Welck
Chairman
17th September 2003
ServicePower Technologies Plc
Consolidated profit and loss account for the six months ended 30 June 2003
_______________________________________________________________________________
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 June 30 June 31 December
Note 2003 2002 2002
#'000 #'000 #'000
Turnover 2 996 986 4,483
Cost of sales 443 439 1,114
_________ _________ _________
Gross profit 553 547 3,369
_________ _________ _________
Administrative 1,706 1,805 4,023
expenses
-excluding
exceptional
items
-exceptional 3 - - (98)
items
_________ _________ _________
1,706 1,805 3,925
_________ _________ _________
Operating loss (1,153) (1,258) (556)
Interest 8 6 7
receivable
Interest payable (1) - (6)
and similar
charges
_________ _________ _________
Loss on ordinary (1,146) (1,252) (555)
activities before
taxation
Taxation on loss 4 - - 228
from ordinary
activities
_________ _________ _________
Loss on ordinary (1,146) (1,252) (327)
activities after
taxation
_________ _________ _________
=========== =========== ===========
Pence Pence Pence
Loss per share 5
Basic and (2.21p) (2.45p) (0.64p)
diluted
Adjusted (2.21p) (2.45p) (0.83p)
_________ _________ _________
=========== =========== ===========
All amounts relate to continuing activities.
All recognised gains and losses are included in the profit and loss account.
ServicePower Technologies Plc
Consolidated balance sheet at 30 June 2003
_______________________________________________________________________________
Unaudited Unaudited Audited
30 June 30 June 31 December
2003 2002 2002
#'000 #'000 #'000
Fixed assets
Tangible assets 37 80 42
Investments 250 250 250
_________ _________ _________
287 330 292
Current assets
Debtors 1,217 906 1,126
Cash at bank and in hand 666 - 1,749
_________ _________ _________
1,883 906 2,875
Creditors: amounts falling due 1,640 1,185 2,294
within one year
_________ _________ _________
Net current assets/ 243 (279) 581
(liabilities)
_________ _________ _________
=========== =========== ===========
Total assets less current 530 51 873
liabilities
_________ _________ _________
=========== =========== ===========
Capital and reserves
Called up share capital 5,659 5,107 5,107
Share premium account 8,311 8,076 8,076
Share scheme reserve 34 115 17
Merger reserve (3,008) (3,008) (3,008)
Profit and loss account (10,466) (10,239) (9,319)
_________ _________ _________
Shareholders' funds - equity 530 51 873
_________ _________ _________
=========== =========== ===========
The board approved the interim report on 17 September 2003.
D Brisco
Director
ServicePower Technologies Plc
Consolidated cash flow statement for the six months ended 30 June 2003
_______________________________________________________________________________
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 June 30 June 31 December
2003 2002 2002
#'000 #'000 #'000
Net cash (outflow)/inflow (1,899) (1,077) 288
from operating
activities
Returns on investments and
servicing of finance
Interest received 8 6 7
Interest paid (1) - (6)
_________ _________ _________
Net cash inflow from 7 6 1
returns on investment and
servicing of finance
Taxation
UK corporation tax 198 259 259
refund
Capital expenditure
Purchase of tangible fixed (1) (2) (4)
assets
Sale of tangible fixed - - 1
assets
_________ _______ _________
Cash (outflow)/inflow (1,695) (814) 545
before management of
liquid resources and
financing
Management of liquid
resources
(Increase)/ decrease in (575) 41 300
short term deposits
Financing
Share issue proceeds 830 - -
Issue costs (44) - -
_________ _________ _________
786 - -
(Decrease)/increase in (1,484) (773) 845
cash in period
_________ _________ _________
=========== =========== ===========
Reconciliation of net cash
flow to movement in net
debt
(Decrease)/increase in (1,484) (773) 845
cash
Increase/(decrease) in 575 (300) (300)
liquid resources
_________ _________ _________
Change in net funds (909) (1,073) (545)
resulting from cash
flows
Net funds at beginning of 1,575 1,030 1,030
the period
_________ _________ _________
Net funds/(debt) at end of 666 (43) 1,575
the period
_________ _________ _________
=========== =========== ===========
ServicePower Technologies Plc
Notes forming part of the interim report for the six months ended 30 June 2003
________________________________________________________________________________
1 Basis of preparation
The interim report has been prepared on the basis of the accounting policies
set out in the group's financial statements for the year ended 31 December
2002. The financial information set out in this document does not constitute
statutory financial statements within the meaning of section 240 of the
Companies Act 1985. Copies of the financial statements of ServicePower
Technologies plc for the year ended 31 December 2002 have been delivered to
the Registrar of Companies.
2 Turnover
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 June 30 June 31 December
2003 2002 2002
#'000 #'000 #'000
Analysis by activity:
Software licence sales 204 335 2,559
Consultancy and support 792 651 1,924
services
_________ _________ _________
996 986 4,483
_________ _________ _________
=========== =========== ===========
Analysis by market:
United States of America 661 610 3,439
United Kingdom 335 374 1,044
Rest of Europe - 2 -
_________ _________ _________
996 986 4,483
_________ _________ _________
=========== =========== ===========
3 Exceptional items
The exceptional item of #98,000 in the year ended 31 December 2002
relates to the reduction in the fair value provision on share options
waived that the year.
4 Taxation on loss from ordinary activities
No tax charge arises during the period due to the utilisation of taxable
losses.
ServicePower Technologies Plc
Notes forming part of the interim report for the six months ended 30 June 2003
(Continued)
_______________________________________________________________________________
5 Loss per share
Basic 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 potential ordinary shares which are dilutive.
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 June 30 June 31 December
2003 2002 2002
Basic number of weighted 51,950,776 51,070,852 51,070,852
shares
____________ ____________ ____________
============== ============== ==============
#'000 #'000 #'000
Loss (1,146) (1,252) (327)
Exceptional items - - (98)
____________ ____________ ____________
Adjusted loss (1,146) (1,252) (425)
____________ ____________ ____________
============== ============== ==============
ServicePower Technologies Plc
Interim Report
Six months ended
30 June 2003
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SFDFWWSDSESU
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