Crimson Tide PLC – Interim Results

Crimson Tide PLC – Interim Results

Crimson Tide, the provider of mpro5 – #notjustanapp (AIM: TIDE.L), announces its unaudited interim results for the six months ended 30 June 2019.

 

Highlights

 

·    Profit before tax increased by over 2,000% to £101k (H1 2018: £4k)

 

·    Turnover increased by 5.5% to £1,267k (H1 2018: £1,201k), influenced by fewer, lower margin hardware sales

 

·    Pipeline of business enlarged and includes more enterprise organisations

 

·    IOT pilots in transportation and retail

       

 

Barrie Whipp, Executive Chairman, commented,

“I am delighted to report an increase in profitability and turnover in a period where we substantially increased our investment in our sales team.

As a result of our decision to invest in additional senior sales professionals, with the associated cost, our pipeline has grown, and we have increased the number and value of our opportunities. As we are dealing with larger and more complex clients, our sales cycle has been extended but we are well positioned to take advantage of transactions that have been under discussion for some months. It should be noted that we are increasing our percentage of BYOD (Bring Your Own Device) business which will impact turnover but, more importantly, improve margins. Our investment in IOT has started to bear fruit and we are hopeful of further announcements in the near future.”

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