Member Article

Sheffield's Servelec revenue on the up despite delayed projects

Sheffield-based technology group Servelec has reported that despire an increase in revenue, up to £25 million for the first half of the year from £19.3 million in the same period last year, pretax profits have remained steady.

The acquisition of Semaphore just prior to the IPO added £5.1 million of revenue in H1 according to the firm and administration and other expenses connected with the acquisition increased to £6 million compared to £2.5 million in 2013.

Alan Stubbs, chief executive officer, commented: “We are pleased with the progress made in the first half of 2014, which is in-line with our plans at the time of the IPO.

“The acquisition and successful integration of Semaphore has boosted the performance of our Automation division and its global distribution network has given us access to several new, attractive markets.

“The Healthcare division is performing particularly well both with the London Refresh and with more wins in the open market, reflecting our software product leadership and effective routes to market.

“Cash conversion has been significantly ahead of plan and puts the Group in a very strong financial position.

The Board is positive about the prospects of the Group and of its continued success in our first full year as a publically listed company.“

This was posted in Bdaily's Members' News section by Clare Burnett .