REG - Crimson Tide PLC - Result of AGM and Statement

Crimson TideAnnouncement

20/06/2023 16:30

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RNS Number : 3431D  Crimson Tide PLC  20 June 2023

Crimson Tide plc

("Crimson Tide" or "The Company")

 

Result of AGM and update

 

Crimson Tide plc (TIDE), the provider of the mpro5 Smart App Solution, is
pleased to announce that at its Annual General Meeting held this morning, all
the resolutions, as set out in the Notice of the Annual General Meeting, were
duly passed.

 

Barrie Whipp, Chair, stated, "Our growth trajectory continues with some good
ARR additions in the first half. We have had a slightly higher amount of churn
than normal, due in particular to one client no longer requiring rugged
devices; however, we have continued to add ARR; of particular note is our NHS
contract win with IoT sensors."

 

"We are very busy in the US, with a partner-led strategy and have added six
partners within the last year. We are optimistic for further growth in this
market. Our beepro mobile app has now merged into mpro5, with a significant
new Angular/Ionic upgrade having taken place in May. Our technical focus is
now on upgrading our reactive elements, which are differentiators in our field
in notifications, emails and follow-up actions."

 

"We continue to drive towards a positive return at the EBITDA level, which is
expected to be achieved within this financial year, demonstrating the gearing
in our operational strategy. Finally, cash remains strong at c£3m at the
gross and net level, demonstrating a levelling of our investment outgoings.
Cash is not expected to dip significantly from this marker".

 

"With our new board members, we hope to focus more on international and
channel growth and look forward to reporting further in these areas".

 

For further information, please contact:
 
 Crimson Tide plc                                    +44 1892 542444
 Barrie Whipp / Jacqueline Daniell
 finnCap (Nominated adviser and Broker)
 Corporate Finance: Julian Blunt / Milesh Hindocha   +44 20 7220 0500
 Corporate Broking: Andrew Burdis                    +44 20 7220 0500
 Alma PR - (Financial PR)
 Josh Royston / Will Ellis Hancock                   +44 7780 901 979

 

Crimson Tide provides mpro5, the Smart App Solution. For further information,
see mpro5.com (http://www.mpro5.com/)  and on Crimson Tide
plc, crimsontide.co.uk (http://www.crimsontide.co.uk/)

 

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