Field Solutions Reports 25.8% First Half, 2010 Revenue Growth
Continued Rapid and Accelerating Revenue Growth, New Client Acquisition
Minneapolis, MN July 8, 2010 – Field Solutions, North America’s premier independent field service technician resource, is pleased to report continued adoption of our outsourced field service offerings as the industry leading strategy for technology field service. First half 2010 results include continued rapid growth and further acceleration in the second quarter, and continued addition of new clients. Field Solutions achieved first half revenue growth of 25.8% for the six months ending June 28, 2010 over the comparable 2009 first half revenues, and dramatic second half growth of 43.3% over the second quarter of 2009, which was also an extremely strong growth quarter. Additionally, Field Solutions has added another sixteen (16) new clients in the first half of 2010, several of whom are recognized technology and service industry leaders.
In summary first half 2010 results include:
- Revenue growth of 25.8% for the first half over 2009 revenues. Our second quarter results delivered 56.3% revenue growth overthe first quarter of 2010 as we experienced significant revenue expansion within our existing client base.
- Strong Client Base Growth: We added 16 new clients in the first half. This new client acquisition pace is approximately equal to that of 2009. Significant new client program start-ups include one major new OEM, a leading warranty service provider and several recognized global multi-line technology service companies.
- Expansion into Residential Services: we have added several new clients serving residential user’s technology service needs. Our client base now includes multiple clients serving residential (home office and consumer) markets. Additionally, another nationally recognized consumer service company is being started up in the opening weeks of the third quarter. This greatly expands our market potential as our field service technicians are being “groomed” to serve this market with the quality experience needed in the residential services arena.
- New Quality Performance and Satisfaction Ratings: Field Solutions deployed the industry’s only complete performance rating system including both Provider Preference and Event Performance. These scores are visible to all client users of the system and are the best predictor of future quality performance.
- New efficiency oriented technologies deployed: Technology enhancements deployed in the first half of 2010 focused on improving the efficiency with which our clients can run our service order management system. User time spent per work order has been decreased by approximately 1/3 over this period. Further enhancements are being released shortly.
“Our growing base of Clients and their expanding use of our system is demonstrating that the new Direct-to-Technician independent contractor model is working for them in the marketplace, and enabling their competitive success on a large scale. Our clients are interested in pursuing an outsourcing strategy that enables a lowest cost solution for their business, coupled with quality assurance, and efficient service management.” comments Mac Lewis, CEO of Field Solutions. Adding, “Our clients are growing their volumes through Field Solutions as a competitive strategy which provides them with a winning advantage in their markets; an advantage which is defining the North American technology services competition for the new decade. Field Solutions is proving, and remains committed to, enabling our clients’ lowest cost strategic advantage.”
Technology developments planned for the second half of 2010 include a major on-line system release to set a new standard for speed and efficiency of use by large service organizations, and several breakthrough new tools for management of large project deployments.