REG - Crimson Tide PLC - Contract increases and extensions

Crimson TideAnnouncement

10/10/2023 07:00

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RNS Number : 4534P  Crimson Tide PLC  10 October 2023

 

10 October 2023

Crimson Tide plc

("Crimson Tide" or "the Company")

Contract increases and extensions

 

Crimson Tide Plc (TIDE) ("Crimson Tide" or "the Company"), the provider of the
mpro5

solution, extends its reach into educational catering and the Irish Government
with additions and extensions to existing contracts.

 

The Company has been working with one of the UK's leading educational catering
providers since late 2021 to digitise food safety logbooks, saving them time
and money, reducing errors, and improving food safety compliance. Initially
piloted in 50 locations, this increased to 650 in January 2022 and has now
been extended to 950 sites across the UK. This latest expansion represents a
50% increase to the MRR of the contract and takes the total contracted
revenue, which still has 20 months to run, to £270k. This deal, combined with
those for other educational catering companies, takes our total footprint to
over 3000 sites in the UK, which represents 10% of all education institutions,
and means mpro5 is used to help deliver over 150 million school meals every
year.

 

In addition, the Company is pleased to report a new contract with an existing
government body in Ireland that includes a 56% increase in MRR, raising the
total value of the new 3-year contract to over €460k. The inclusion of new
features in this instance of mpro5 extends its reach into more departments,
reducing the time spent manually logging and reporting tasks and activities,
and improving operational efficiency.

 

Barrie Whipp, Chairman of Crimson Tide plc, commented:

 

"Clients extending and expanding their partnership with mpro5 reinforces the
value we add to our clients and the benefits they see across their
organisations. Building long term relationships with customers, in multiple
sectors, supports our message that mpro5 is a scalable solution that can be
tailored to many client needs in compliance, auditing and verification."

 

 

Enquiries:

Crimson Tide plc +44 1892 542444

Barrie Whipp / Jacqueline Daniell / Shaun Mullen

 

Cavendish Capital Markets Limited (Nominated Adviser and Broker) +44 20 7220
0500

Julian Blunt / Dan Hodkinson, Corporate Finance

Andrew Burdis, Corporate Broking

 

Alma PR (Financial PR) +44 7780 901979

Josh Royston

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