Director dealings: ServicePower top brass show confidence as shares hit 2.5p

Non-executive chairman Hugh Fitzwilliam-Lay, who has been a director since September 2007, bought 661,731 shares and CEO Marne Martin, who joined at the start of 2013, bought 327,354.

Both pocketed the shares at a price of 2.5p apiece, with Fitzwilliam-Lay spending more than £16,500 and Martin almost £8,200.

As a result of the transactions, Fitzwilliam-Lay has 10.2m shares, or 4.47% of the total issued, while Martin has just 389,395, or 0.17%, the pair both having made a small purchase of 62,041 shares each last Monday.

Last week, the AIM-listed group announced it had secured three new, multi-year contracts with an aggregate value of around $1m, of two were new three-year contracts and the other an extension.

Although the company revealed another annual loss last month, Martin stated her confidence that the company was positioned for a strong performance in 2016 and beyond, with recent contract wins proving its ability to win new customers, helped by the recent validation by Gartner of its field management platform.

A cost-reduction programme is underway which she expects to deliver annualised cost savings of £0.7m in the current year rising to £1m a year afterwards through reductions in SGA and marketing expenditure.

Combined with a forecast increase in revenue to £13.5m, analysts feel it should be enough see the company return to a positive operating profit.

Top Director Buys

Servicepower Technologies (SVR)
Director name: Fitzwilliam-Lay,Hugh
Amount purchased: 661,731 @ 2.50p
Value: £16,543.28

Atlantis Japan Growth Fund Ltd. (AJG)
Director name: Smith,Andrew Martin
Amount purchased: 7,250 @ 135.30p
Value: £9,809.25

Servicepower Technologies (SVR)
Director name: Fitzwilliam-Lay,Hugh
Amount purchased: 327,354 @ 2.50p
Value: £8,183.85