Servelec still basks in glow of float as it looks to strong year

The Sheffield-based company said full-year results will be in line with expectations.

The company operated two divisions – Servelec Healthcare and Servelec Automation.

Its healthcare division designs, develops and implements electronic patient record and patient administration software and is a market leader in the mental and community health sectors in England.

The group said that sales activity in healthcare is increasing and it has been awarded two contracts as part of the Camden re-fresh programme.

Servelec’s automation division specialises in developing complex mission-critical control systems and providing consultancy services for large blue-chip companies, mainly in the oil and gas, nuclear, power, water, utilities and broadcast industries.

The group said the division performed in line with expectations.

Servelec’s chief executive Alan Stubbs said: “Following our successful listing, we are pleased that our strong performance has continued to deliver a full-year performance in line with the board’s expectations.

“The outlook for the structural and regulatory growth drivers across our markets remains encouraging and we are looking forward to capitalising on these exciting opportunities as a listed company.”

Mr Stubbs said the flotation will enable Servelec to drive growth organically and through acquisitions.

In its last results, Servelec generated annual revenues of £39.4m and an adjusted pre-tax profit of £11.9m.

Its customers include Welsh Water, Severn Trent, Centrica, BP and EDF Energy.

Servelec’s float has kicked off a renewed interest in Yorkshire IPOs. Bradford-based double glazing firm Safestyle and Wakefield-based value fashion chain Bonmarche also recently floated.