SVR.L Regulatory News (SVR)

13 Jul 2005 06:00

SERVICEPOWER TECHNOLOGIES PLC ("SERVICEPOWER" OR THE "Company") Positive Half Year Trading Update ServicePower, the recognised market leader in artificial intelligence based,field service scheduling solutions and computer services, today announced anupdate on performance for the six months ended 30 June 2005.ResultsRevenue for the first six months to 30th June 2005 is expected to be ‚£3.4million (2004 ‚£1.5 million). This is a substantial increase over the comparableperiod in 2004, but also represents 83% of the revenue achieved in the fullyear of 2004. The loss for the period will be ‚£0.8 million (2004 Loss ‚£1.6million). These figures are stated under UK GAAP to be consistent with currentmarket forecasts. The results reflect the increasing volume of transactions flowing through theField Service Solutions business unit from contracts signed in 2004 and 2005,plus the ‚£1 million software licence revenue taken from the contract signedwith a Fortune 100 company in April 2005.The Company currently has sufficient cash to meet the requirements of thebusiness, and given the contracts that the Company has already signed andon-going negotiations, the Directors are confident of the trading prospects forthe full year and beyondAnnouncement of interim resultsThe interim results will be announced in accordance with ServicePower's normaltimetable in week commencing 26th September. The actual date will be announcedin due course.The interim results will be prepared under IFRS in accordance with the EUdirective for quoted companies applicable for reporting periods starting on orafter 1 January 2005. The main differences between the two sets of reportingstandards, as they apply to the group, are likely to be in the expensing ofshare option costs and the valuation of purchased intangible assets.Note: ServicePower refers to the company and SERVICEPower refers to theproduct.July 13th 2005----------------------------------------------------------------------------------------------------------Contacts:David Brisco, Chief Executive Officer Tel: 0161 476 2277Barry Welck, Non-executive Chairman Tel: 07831 396539ServicePower Technologies PLCMichael Brennan Tel: 020 7071 4300Evolution Securities LimitedENDSERVICEPOWER TECHNOLOGIES PLC