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TIDE - Crimson Tide News Story

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Last Trade - 14/08/20

Sector
Technology
Size
Micro Cap
Market Cap £14.4m
Enterprise Value £14.8m
Revenue £2.92m
Position in Universe 1452nd / 1816

Crimson Tide PLC - Significant long-term contract win

Tue 1st October, 2019 7:00am
RNS Number : 2217O
Crimson Tide PLC
01 October 2019
 

1st October 2019

Crimson Tide PLC

("Crimson Tide" or "the Company")

Significant long-term contract win with leading supermarket

 

Crimson Tide (TIDE) announces that it has entered into a significant contract for its mpro5 solution with one of the country's leading retailers. The contracted revenue is for a minimum of £1.4m over the 36-month term. The mpro5 platform will now be used in nearly 4,000 retail locations across the UK and Ireland alone, with international expansion potential. A previous, smaller contract with the client containing hardware had reached its term and is now included on a SaaS only basis within this new contract.

The mpro5 solution has been successfully used over the last 3 years for the purposes of store cleanliness and safety within 400 stores in the UK. Due to the configurable nature of the mpro5 platform, the client has been able to replace a number of internal systems from competitors and consolidate their requirements for Store Cleaning, Security, Catering, Distribution, Food Safety, and Safe & Legal compliance into the single mpro5 offering. An early trial of mpro5 with IOT sensors is currently under way and could add significantly to the revenues achievable with the client in the future.

Barrie Whipp, Executive Chairman commented "Our team has worked tirelessly over the contract term to demonstrate the unique nature of the mpro5 platform. Having gained visibility at C-level with this retailer, we are excited by the international potential for this client in future years. This contract is indicative of our enterprise-class pipeline that we have invested in strategically, and I am pleased that our unrivalled platform capability has given this client a significant return on investment with mpro5."

 

Enquiries:

Crimson Tide plc                                           01892 542444 

Barrie Whipp / Luke Jeffrey

Arden Partners                                              020 7614 5900

John Llewellyn-Lloyd / Dan Gee-Summons

 

For further information on Crimson Tide plc, see the website at: www.crimsontide.co.uk

The information contained within this RNS is considered to be inside information prior to its release.

 


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