25 May 2012

ServicePower clinches key US deal

30/06/2011 Robert Tyerman

Outsourced service and field management specialist ServicePower (SVR) has won a £1.5 million contract with a major US home appliances retailer. The Stockport-based company is reluctant to name its new client, though rumour suggests it could be the giant Loews corporation.

AIM-quoted ServicePower, whose software helps retailers and others install and repair appliances they sell by booking appointments, finding appropriate service personnel, checking warranties and managing claims, says the US contract will be worth £1.5 million in the first year. House broker finnCap, suggests the full impact could be up to £11 million and describes the deal as 'transformational'.

ServicePower, which last year turned a £4 million loss into £577,000 pre-tax profits, won the deal through its partnership with US-based risk management and insurance concern Assurant Solutions. Chief executive officer Mark Duffin also uses the word 'transformational' to describe this partnership, which gives it direct access to Assurant's 'vast customer base'. 

The US deal follows three other contracts won by ServicePower this week, together worth some £2.9 million. Floated at 5p in 2008, its shares soon hit 20p before various setbacks knocked them down to 3.25p within the past year.

They have now reached 9.75p, up1.38p this morning, valuing the company at £18.5 million. They should have further to go.

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Tags: AIM market, Assurant Solutions, Contract wins, Loews, Mark Duffin

Sector: Software & Computer Services

Companies: ServicePower Technologies

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