The Manchester Evening News reports that software developer ServicePower Technologies shares have surged by nearly a fifth after the company said its results for 2011 would beat market expectations, with pre-tax profits of more than £1m.
The Stockport-based firm said it had enjoyed a strong performance in the last quarter of the year and reports a healthy pipeline for 2012.
ServicePower’s shares gained 18.4 per cent, or 1.38p, to 8.88p after the update.
Its technology enables companies that organise the repair of household appliances to deploy their staff more efficiently and to schedule warranty repairs and installations of big-ticket items.
The company specialises in the whitegoods, consumer electronics, insurance and energy sectors and has begun seeking opportunities in retail and home emergency repairs.
Llast year client’s using ServicePower expanded to include Richer Sounds, Mitsubishi and Homeserve.
ServicePower said revenues for 2011 would be about £13.2m, down from £18.25m in the previous year, but that profits would be around £1.1m, up from £11,000, due to a focus on higher-margin work.
Analysts were expecting profits of £800,000 on revenues of £12.3m.
ServicePower said it expects to report a cash pile of £5.5m, up from £3.66m.
Chief executive Mark Duffin (pictured) said: “Despite the wider economic circumstances, ServicePower continues to perform well, both financially and operationally.
“This is due, we believe, to the quality of our field service software and dedication of our team. The company has a healthy pipeline, increased revenue visibility and a growing core of first-class customers.
“We are confident of our ongoing prospects.”
ServicePower’s full-year results are due in March.