REG - Crimson Tide PLC - Interim Results

Crimson TideAnnouncement

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RNS Number : 0702I  Crimson Tide PLC  19 November 2025

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the EU
Market Abuse Regulation 596/2014 which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, as amended and supplemented from time to
time. Upon the publication of this announcement, this information is now
considered to be in the public domain.

 

19 November 2025

 

Crimson Tide plc

("Crimson Tide", the "Company" or "Group")

 

Interim results for the six months ended 31 October 2025

 

Crimson Tide plc (TIDE), the provider of the mpro5 process management app, is
pleased to announce its unaudited interim results for the six months ended 31
October 2025. In light of the extension of the most recent financial year to
the 16 months ended 30 April 2025, the comparator figure for the income and
cash flow statements is the six months ended 31 October 2024.

 

 

 Financial indicator             Six Months ended 31 October 2025  Six Months ended 31 October 2024  16 months to

30 April 2025
                                 (unaudited)                       (unaudited)

                                                                                                     (audited)
                                 £'000                             £'000                             £'000
 Revenue                         2,950                             3,008                             7,985
 Gross Profit                    2,583                             2,620                             7,030
 EBITDA                          787                               74                                -38
 (Loss)/Profit before tax        322                               -598                              -2,343
 Cash                            1,495                             1,949                             1,251
 Annual recurring revenue (ARR)  2,781                             2,672                             7,272
 MRR                             450                               433                               468
 Churn rate                      8.83%                             12.09%                            18.00%
 Gross revenue retention (GRR)   91.17%                            88.16%                            81.60%
 Net revenue retention (NRR)     96.22%                            91.01%                            96.97%

 

Churn rate represents the proportion of Opening ARR that was lost from
cancellations and downgrades over the period.

 

Gross revenue retention represents the annualised value of recurring revenue
retained after customers lost from cancellations and subscription downgrades
during the period, expressed as a percentage of Opening ARR.

Net revenue retention includes the impact of subscription upgrades and
expansions from existing customers, offsetting churn from cancellations and
downgrades.

 

Chief Executive Officer's review

The six month period ended 31 October 2025 included significant changes in the
management of Crimson Tide following the corporate challenges in the previous
16 months financial period. Chris Fielding joined as Chair on 5 June 2025, I
was promoted from Chief Operating Officer to Chief Executive Officer on 22
July 2025 and Rachael Rowe took on the role of Finance Director on 8 September
2025.

Against this backdrop of management change, Crimson Tide recorded revenue of
£2.95 million for the six months ended 31 October 2025, broadly in line with
the £3.01 million achieved in the prior period. The slight movement reflects
a balance between new and higher-value renewals and contracts that ended
during the period. We are actively engaging with our customers to reduce churn
and are experiencing early signs of progress in this regard. Year-to-date
churn is 8.83% (2024: 12.09%), and full-year churn is expected to be
approximately 14%, lower than the 18% reported in the previous 16-month
period.

Gross margin has remained broadly constant at 87.6 per cent (6 months ended 31
October 2024: 87.1 per cent).

Total overheads fell by 29% to £2.26 million (2024: £3.20 million),
reflecting management's efforts to right size the business.

As a result, EBITDA increased to £0.79 million (6 months ended 31 October
2024: £0.07 million) and we produced a profit before tax of £0.32 million (6
months ended 31 October 2024: -£0.60 million).

Cash at the period end amounted to £1.49 million (30 April 2025: £1.25
million).

Operational highlights

·      In May, a major British supermarket renewed its mpro5 contract
for a further three years. The total contract value is almost £2 million with
potential upside if certain performance measures are met.

·      In July, Booker, a leading UK wholesale provider, had renewed its
mpro5 contract. The contract, which is wider in scope and value than its
predecessor, provides for over £1.0 million over its three-year term.

·      During H1, we secured an additional £23.6k in MRR through
contract renewals and uplifts from existing customers.

·      Professional services enhancing client value continue to gain
traction, delivering £0.17 million to date.

·      Quarterly business reviews continue to enhance the customer
experience, offering actionable insights that benefit our clients. This
includes efforts to re-engage customers who had previously served notice to
terminate their Mpro5 contracts.

·      Operationally, we have continued to successfully transition
customers from our legacy APIs to the new Saturn (mobile app) and Odyssey
(website) platforms, which offer a more intuitive interface and richer
functionality, enhancing value for our clients. In the next six months, we
anticipate further Azure hosting savings from this migration.

Post balance sheet events

·      Secured a significant mpro5 contract extension with one of the
world's largest retailers, representing a total contract value of £3.88
million over the three-year term, announced in November.

We have now renewed, over the last six months, contracts with four of our five
largest clients. The fifth client is not due for renewal until late 2026.

 

 

Current trading and prospects

In light of progress during H1 and subsequently, monthly recurring revenue
("MRR") as at 30 April 2026 is currently projected at £461k, an increase of
11% per cent since 31 October 2025. Our new-prospect pipeline is expanding,
with a strong flow of promising opportunities.

The Board therefore continues to be optimistic for the outlook for Crimson
Tide and we are seeing a positive impact from the implementation of our new
strategy. We have aligned the cost base with the immediate requirements of the
business and are making inroads into reducing churn and increasing the value
of business with existing customers, as well as winning new customers from our
growing pipeline of new opportunities.

The Board therefore remains of the view that the current financial year will
reflect our re-establishing the foundations for growth in the subsequent
years.

 

Jon Clarke

CEO

 

 

 

 

 

Consolidated Statement of Profit or Loss and Comprehensive Income

For the six months ended 31 October 2025, Crimson Tide returned to
profitability.

 

 

 

 

 

 

Consolidated Statement of Financial Position

As at 31 October 2025, the Company maintained a strong balance sheet with
continued liquidity to support growth.

Consolidated Statement of Cash Flows

As at 31 October 2025, the Group's cash position remains stable and continues
to support ongoing operations.

 

 

 

 

Notes to the financial

1.   Basis of Preparation
These unaudited condensed consolidated financial statements have been prepared
in accordance with IAS 24 'Interim Financial Reporting' as adopted in the UK.
They do not include all the information required for full annual financial
statements and should be read in conjunction with the Group's Annual Report
for the year ended 30Th April 2025. Accounting policies are consistent with
those applied in that report.

 

2.   Unaudited
These condensed interim financial statements are unaudited but have been
prepared applying the same accounting policies used in the audited annual
financial statements.

 

3.   Going Concern

After reviewing forecast and cash flow projections, the Directors have a
reasonable expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future. Accordingly, the financial
statements have been prepared on a going concern basis.

 

4.   Segmental Information

The Group operates in one principal business segment, the provision of its
Mpro5 Saas platform and associated professional services. The group has a
presence in the UK, Ireland and the US.

 

 

Enquiries:

 Crimson Tide plc                                              +44 1892 542444

 Chris Fielding, Non-Executive Chairman

 Jon Clarke, Chief Executive Officer

 Rachael Rowe, Finance Director

 Allenby Capital Limited - Nominated Adviser & Broker          +44 (0)20 3328 5656

 Jeremy Porter / Ashur Joseph (Corporate Finance)              info@allenbycapital.com

 Tony Quirke / David Johnson (Sales & Corporate Broking)

The person responsible for arranging the release of this announcement on
behalf of the Company is Rachael Rowe, Finance Director of the Company.

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