SVR.L Regulatory News (SVR)

3 Mar 2005 07:01

ServicePower Technologies PLC03 March 2005 SERVICEPOWER TECHNOLOGIES PLC ("SERVICEPOWER" OR THE "Company") Trading Statement Notice of Announcement of Results ServicePower, the recognised market leader in artificial intelligence based,field service scheduling solutions and computer services, today announcedexpected revenue for 2004 to be approximately £4.1 million, representing a 52%increase over the corresponding period in 2003. Whilst the directors are pleasedwith the substantial rise in revenue, they recognise that this is less thanmarket expectations. In 2004 the Company signed a contract for the implementation of SERVICEPowerapplication, as part of a much larger project managed by one of the top 5international systems integrators. The Company included expected revenue fromthis contract in its internal forecast as it had delivered its software and theimplementation project had begun. However, despite the fact that the end-user client is already making use of theCompany's software, the final approval of the software licence element of thecontract, worth in excess of £1.0 million in revenue to the Company, has beendelayed due to a management reorganisation at the end-user client. The Company had previously intended to recognise revenue from this contract in2004, given that the software had been delivered and the end-user client wasgetting value from it. However continued delays due to the managementreorganisation at the end-user client means the Company must defer the softwarelicence revenue into 2005. The directors expect to receive confirmation of thesoftware contract award shortly. The preliminary results for the year ended 31st December 2005 will be issuedweek commencing 21st March 2005. Note: ServicePower refers to the company and SERVICEPower refers to the product. 28th February 2005-------------------------------------------------------------------------------- Contacts: David Brisco, Chief Executive Officer Tel: 0161 476 2277Barry Welck, Non-executive Chairman Tel: 07831 396539ServicePower Technologies PLC Michael Brennan Tel: 020 7071 4300Evolution Securities Limited This information is provided by RNS The company news service from the London Stock Exchange