Full year pre-tax profits down at Servelec

Pre-tax profits at technology business Servelec fell nearly three per cent, the company reported in its full year preliminary results.

Alan Stubbs, CEO of Servelec

The Sheffield-based technology group which provides software, hardware and services predominantly to the UK health & social care, oil and gas, power and nuclear, water, utilities and broadcast sectors, announced that pre-tax profit fell 2.9 per cent in the 12 months to December 31.

The company said the fall was down to increased share based payments and increased amortisation.

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Servelec said that it had seen revenue grow over 23 per cent, in its maiden year on the London Stock Exchange.

Alan Stubbs, Chief Executive Officer, said: “I am delighted with the performance of the Servelec Group in 2014 and I look forward to 2015 with great enthusiasm.

“We have delivered a strong set of results within our maiden year on the London Stock Exchange, as well as making important operational strides forward which position us well for growth and development in the year ahead and beyond.”

The firm said over the past year it had seen successful tender activity in Health & Social Care providing a strong order book for 2015, had made significant progress with productisation of its technologies offerings and also completed its acquisition of Corelogic - for a total consideration of £23.5m.

Recently it was awarded a position on a major new procurement framework, developed by business support specialist NHS Shared Business Services, for use across the NHS.