REG - Crimson Tide PLC - Contract Win and Renewals

Crimson TideAnnouncement

04/05/2023 07:00

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RNS Number : 3230Y  Crimson Tide PLC  04 May 2023

This announcement contains Inside Information

4 May 2023

Crimson Tide plc

("Crimson Tide" or "the Company")

Further contract win and renewals

 

Crimson Tide Plc (TIDE) ("Crimson Tide" or "The Company"), the provider of the
mpro5 solution, is pleased to announce a further contract win with the NHS.

The Company recently announced the initial win with this Trust, whereby the
implementation of mpro5 will drive efficiencies and savings across the Trust's
estates. We have now received the contract to add Internet of Things ("IoT")
sensors, which will enable one of mpro5's key differentiators, sensor driven
actions, to facilitate more effective use of staff and facilities within the
Trust. This additional thirty six month contract of c£300k takes the full
contract value to over £0.5m over a three year term.

In addition, the Company is pleased to report the renewal of a number of long
term contracts, once again demonstrating that mpro5's commitment to
excellence of service is rewarded with long lasting and
strategic relationships with our clients.

In the last 3 months, 4 of our long term clients have decided to not only
continue with mpro5 but to add further users or use cases where mpro5 helps to
deliver their business critical processes. All four clients will have been
mpro5 subscribers for over a decade at the end of their new contracts with a
combined total of in excess of £650k of secured contracted revenue.

Chairman Barrie Whipp commented,  "We are very pleased to add mpro5's sensor
driven actions to our initial contract with this NHS Trust, which we believe
will drive direct savings and improvements across its estate. Our goal is to
work with the Trust to establish a repeatable series of processes and
procedures that drive compliance and efficient use of staff and facilities. As
can be seen from our recent renewals, which demonstrate a wide range of use
cases, our goal is to ensure our clients trust us for the long term and use
mpro5 to provide an increasing range of solutions."

 

 

Enquiries:

Crimson Tide plc      +44 1892 542444

Barrie Whipp / Jacqueline Daniell

finnCap Ltd (Nominated Adviser and Broker)   +44 20 7220 0500

Julian Blunt / Milesh Hindocha, Corporate Finance

Andrew Burdis, Corporate Broking

Alma PR (Financial PR)      +44 7780 901979

Josh Royston

 

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