Field Solutions Reports 72.3% Revenue Growth in Second Half of 2010 and 49.4% Annual Revenue Growth
Strong growth is attributed to client retention and expansion; new client enrollments.
Minneapolis—Jan. 6, 2011—Field SolutionsTM, North America’s premier independent field service technician resource for servicing electronic equipment, today reported its 2010 sales results, which reflect a continued acceleration in revenues in the second half of the year. The company attributes this increase to an expansion within existing clients, high client retention and continuing rapid addition of new clients.
Field SolutionsTM achieved second-half revenue growth of 72.3 percent year-over-year for its fiscal year ending Dec. 31, 2010, which greatly exceeded its year-over-year first-half fiscal year 2010 growth rate of 41.2 percent. In addition, the company signed 16 new clients in the second half of 2010, one of which is a recognized global original equipment manufacturer (OEM) that is shifting its field service labor strategy with the addition of the FieldSolutions’ direct-to-technician model, replacing other field service approaches.
Second-half 2010 revenue growth highlights include:
- Retained Client Revenue Growth: In addition to continued acquisition of new clients, several major clients expanded programs with the company. Each of these clients has significant further expansion potential for 2011 and beyond.
- Expansion into Residential Services: New clients that serve residential customers are moving from pilot to roll-out status and are realizing the benefits of the investment in building their preferred technician bases—including dramatically reduced direct costs and sourcing time expenditures—with the FieldSolutions’ direct-to-technician model. The company foresees an expanding cycle of work allocation to FieldSolutionsTM from other suppliers and further client cost savings with expansion through 2011.
- Expansion into New Managed Print Services Support: At the request of multiple clients, Field Solutions is deploying numerous managed print services preferred-technician databases. These programs, which are in their pilot stages today, suggest a large potential contribution to growth in 2011.
- New Technology Deployments: Technology enhancements deployed in the second half of 2010 yielded dramatic user-efficiency and quality-control results. Notably, large sections of the company’s underlying infrastructure have been rebuilt for increased volume, speed-of-use and future scalability. In 2011, the company plans an aggressive deployment of new tools that redefine how technicians are found and evaluated, and how work order information is updated.
“2010 has been an exciting and transformative year for Field SolutionsTM,” commented Mac Lewis, CEO of Field SolutionsTM. “Today, we’re running three times the volume of just three years ago, and we’ve worked diligently to grow our team and technical capabilities to stay ahead of our growing client demand.” Lewis also said that the company’s clients’ loyalty and investment in their relationships with Field Solutions confirms the strategic value of its offering to their respective competitive strategies. The company will continue to focus on providing clients with breakthrough new tools to help them win in their markets.