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Annual Results

Servelec improves FY pretax profit

01 March 2016 09:46

Servelec has improved its FY pretax profit from continuing operations to GBP13.4m, from GBP10.6m. Revenue was GBP63.1m, from GBP51.8m. It said the results were in line with market views.

"The outlook is positive for the Group in 2016 with a strong order book and improving market conditions," said CEO Alan Stubbs.

Separately, the company announced several major project wins for its Technologies business worth GBP5m-GBP10m during the AMP6 regulatory review period.

"The company is benefitting from the predicted upturn in AMP6 orders and diversification into new markets. The orders are expected to positively impact Servelec Technologies' revenues in the first half of the 2016 financial year," it said in a statement.

Meantime, Tribal Group has agreed to dispose of its Synergy children's services management information system business to Servelec. Consideration receivable was GBP20.25m cash. Net proceeds would reduce Tribal's net debt.

At 9:46am: (LON:SERV) Servelec Group share price was +20p at 338p

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