SVR.L Regulatory News (SVR)

24 May 2005 06:34

ServicePower Technologies PLC ("ServicePower" or the "Company") AGM Statement ServicePower, the established market leader in artificial intelligence basedfield service scheduling applications and computer services is pleased toannounce that the AGM of the Company will be held at 10.30am today.The following statement will be made to the meeting by Barry Welck, Chairman:Results for 2004"ServicePower's results for the year ended 31st December 2004 reflected theexcellent performance of our new Field Service Solutions business divisionlaunched in March 2004. This initiative will transform the company from a nichesoftware vendor to a business process outsourcing services provider. Turnoverincreased 56% to ‚£4.1 million with the Field Service Solutions businessdivision contributing ‚£2.1 million".2005 Update"2005 has seen us continue to grow the Field Service Solutions business. InJanuary we announced the launch of FSS Europe and already we have won contractsin the UK which the Director's expect will contribute over ‚£1 million revenuein 2005. We have also signed a strategic alliance with Elesco, a companyproviding pan-European service delivery capability. I expect a great deal ofincremental business to come from this relationship as most of our customers inthe UK and U.S. wish to provide consistent service processes throughout Europe.In the U.S. we have continued to rollout the contracts signed in 2004 and withthe European business we now have over ‚£3.6 million of revenue under contractwhich, provided existing volumes continue, will be delivered by the FieldService Solutions business division in 2005.In April we announced the signing of a significant software contract with aFortune 100 industrial conglomerate. This contract, worth in excess of ‚£1million revenue this year, had been delayed from 2004 due to increasedcorporate governance regulations in the procurement process. I am pleased tosay that the contract signed provides a contractual framework and pricing forall our client's companies across the globe and this will allow rapid deployedin other businesses. We are working closely with our implementation partner,BearingPoint Consulting to achieve this.I am also pleased to report that our OEM strategy for the software business hasbeen especially successful with the recent announcement of a contract withCCCIS who will lead our sales into the insurance industry in the U.S. We nowhave more than ‚£3 million of contracted revenue from the software business for2005.SummaryThe business as a whole is developing well. The integration of the SERVICEPowersoftware solution into the Field Service Solutions business division solutionprovides our large clients with a unique solution to the problem of managingand controlling work delivered through independent service companies. Thisgives our software sales teams a powerful and unique differentiator that isexpected to deliver increased software application revenue in the future.Subject to our customers achieving their roll out targets, the Companycurrently has ‚£6.8 million total revenue contracted for the year, 66% more thanwe achieved in the whole of 2004.I am pleased to say the Field Service Solutions division is delivering more newgrowth opportunities than we expected. We are carefully managing our cashthrough this rapid growth period and the Board is confident we can deliverfurther growth from the business during the next twelve months".###Contacts:Barry Welck, Chairman Tel: 07831 396539David Brisco, Chief Executive Tel: 0161 476 2277Mike Brennan, Beeson Gregory Limited Tel: 020 7071 4300ENDSERVICEPOWER TECHNOLOGIES PLC