{"id":1090,"date":"2016-06-15T00:00:00","date_gmt":"2016-06-15T00:00:00","guid":{"rendered":"https:\/\/www.techsparx.co.uk\/north\/uncategorized\/servelec-issues-profit-warning-appoints-new-oil-gas-md\/"},"modified":"2025-02-28T14:37:24","modified_gmt":"2025-02-28T14:37:24","slug":"servelec-issues-profit-warning-appoints-new-oil-gas-md","status":"publish","type":"post","link":"https:\/\/www.techsparx.co.uk\/north\/servelec-issues-profit-warning-appoints-new-oil-gas-md\/","title":{"rendered":"Servelec issues profit warning, appoints new Oil and Gas MD"},"content":{"rendered":"

Sheffield-based technology and software group Servelec\u00a0Group has issued a profit warning after suffering a “further slippage in contracts”.<\/p>\n

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“While social care and our nuclear and power businesses continue to trade within expectations, market headwinds for our healthcare, technologies and oil and gas businesses are such that the board now expect group operating profits for FY16 to be significantly lower than market expectations and lower than the outturn for FY15,” it added.<\/p>\n

“In response, the company has taken swift remedial action, reallocating company resources and reducing costs.”<\/p>\n

Alan Stubbs, chief executive of Servelec, said he was “disappointed to have to report the difficult trading conditions” that have impacted the company’s financial outlook.<\/p>\n

“We don’t believe that this reflects upon the quality or scale of the opportunities across our target end markets,” he added. “However, some end markets are currently challenging and timing of order entry has become a short term issue.”<\/p>\n

Andrew Mills appointment<\/strong><\/p>\n<\/div>\n

Servelec has also appointed Andrew Mills as managing director for Servelec Controls (Oil & Gas), who joined the Group last week.<\/p>\n

He from Assystem where he has worked since 2003 and managed a business with five sites in the UK.\u00a0Andrew brings with him a depth of knowledge of the Oil & Gas industry and experience in developing business through existing and new client relationships.<\/p>\n

Alan Stubbs, CEO of Servelec Group, said; “Whilst conditions in the Oil & Gas industry remain challenging, Servelec is committed to continuing to help our customers in this industry to reduce Opex on brownfield sites as well as driving our business forward in this area.<\/p>\n<\/div>\n<\/section>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

Sheffield-based technology and software group Servelec\u00a0Group has issued a profit warning after suffering a “further slippage in contracts”.   “While social care and our nuclear and power businesses continue to trade within expectations, market headwinds for our healthcare, technologies and oil and gas businesses are such that the board now expect group operating profits for […]<\/p>\n","protected":false},"author":1,"featured_media":3229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,31],"tags":[163],"class_list":["post-1090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-software","category-tech-sparx","tag-sheffield"],"yoast_head":"\nServelec issues profit warning, appoints new Oil and Gas MD - Regional technology news - North - TechSparx - Business technology stories in the North<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.techsparx.co.uk\/north\/servelec-issues-profit-warning-appoints-new-oil-gas-md\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Servelec issues profit warning, appoints new Oil and Gas MD - 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