ServicePower looking solid ahead of full-year results

The AIM-traded field management software developer said revenue for the year ended 31 December 2015 was expected to be by 2.4% at around £13m. Gross profit was anticipated to be in line with last year at £6m, and its loss after tax was set to widen to £1.1m, from 2014's £0.9m.

ServicePower was due to announce its results for the year on 6 April.

At the same time, the company announced it had obtained an unsecured short-term loan facility for £1m from Herald Investment Trust, taking effect from 8 February and repayable in full on 16 December at an interest rate of 8% p.a.

ServicePower said the purpose of the loan was for ongoing working capital, and continuing research and development investment.

"ServicePower continues to see momentum in sales and marketing execution, product innovation and expansion of our partner ecosystem", said CEO Marne Martin.

"Enhanced global contract activity, new white label products which expand our sales pipeline through offering end-to-end, cloud based field service management software, as well as optimisation as a service, and continuous enhancement to our industry-acknowledged workforce management platform, position ServicePower well for 2016", Martin added.

The company's board also noted Herald Investment Trust was a related party under AIM rules, holding more than 10% of ServicePower's issued share capital.