SVR.L Regulatory News (SVR)

25 May 2006 07:00

ServicePower Technologies PLC ("ServicePower" or the "Company") AGM Statement - 25th May 2006 ServicePower, the established world leading provider of scheduling software andoutsourcing services to the field service industry is pleased to announce thatthe AGM of the Company will be held at 11.30am today.The following statement will be made to the meeting by Barry Welck, Chairman:Results for 2005"ServicePower's results for the year ended 31st December 2005 reflected anexcellent performance across all our businesses. Management transformed thecompany from a niche software vendor to a business process outsourcing servicesprovider. Turnover increased 93% to ‚£7.9 million with the hosted andoutsourcing businesses contributing ‚£3.6 million".2006 Update"2006 has seen us continue to grow the outsourcing business. The Argos Directcontract won in November 2005 is now delivering substantial revenue. In Marchwe announced the award of a contract for a SERVICEPower software licence with alarge US insurance company worth over ‚£1.1 million. In the same month weannounced the award of two contracts for our recently announced GPS trackingsolution worth over ‚£1.3 million. The consistent winning of contracts such asthese is very encouraging and is further evidence of the compelling nature ofour software and service offering.On this note, I am pleased to be able to take this opportunity to announce afurther contract with the awarding of an outsourcing contract by a majorEuropean insurance company. The contract, which is expected to be worth over ‚£850,000 per year, is to manage the in-home repair of consumer goods under anewly launched extended warranty program. In addition the Company has wonseveral software and outsourcing contracts which are smaller but when takentogether are expected to exceed ‚£600,000 per year.SummaryThe business as a whole is developing well as we leverage a fully integratedunique solution to the problems of managing and controlling work deliveredthrough employed and independent service companies. This gives our softwaresales teams a powerful and unique differentiator that is expected to deliverincreased software application revenue in the future. Consequently the Board isconfident we can deliver continued growth and expect a successful outcome forthe year."Contacts:Barry Welck, Chairman Tel: 07831 396539David Brisco, Chief Executive Tel: 0161 476 2277Mike Brennan, Evolution Securities Limited Tel: 020 7071 4300Tom Moriarty, ICIS Limited Tel: 020 7651 8688ENDSERVICEPOWER TECHNOLOGIES PLC