REG - Crimson Tide PLC - Significant contract expansion and extension

Crimson TideAnnouncement

17/11/2022 07:01

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RNS Number : 6808G  Crimson Tide PLC  17 November 2022

This announcement contains Inside Information

 

17 Nov 2022

 

Crimson Tide plc

("Crimson Tide" or "the Company")

 

Significant contract expansion and extension

 

 

Crimson Tide plc (TIDE), the provider of the mpro5 smart app solution, is
pleased to announce a significant new and highly improved 3-year contract with
an existing retail client. The contract, with a value of over £1m of
high-margin revenue per annum, more than doubles the annual recurring revenue
under the previous contract. The contract includes an optional break clause at
month twenty-four, although it is important to note that, at the end of the
new contractual term, the client's relationship and contracts with Crimson
Tide will have exceeded ten years.

 

mpro5's value to the client has evolved from one single use case of the
platform to over thirty processes across the organisation. mpro5 guides and
records store-wide procedures and provides evidence for policies that support
a wide range of compliance requirements. mpro5 is a full-service solution that
also contributes to the client's staff and working practice efficiency and is
used daily across its national estate.

 

Barrie Whipp, Chairman, commented: "If ever there was an exemplar of how mpro5
can demonstrate its value, this well-known retailer is a beacon. The expansion
of use cases for our platform and associated long-term contracted revenue go
hand in hand. At the same time, our values of partnership, dynamism and
teamwork have established mutual trust with the client. Our exceptional team
continues to seek further efficiencies by evolving mpro5 to provide innovative
solutions to both existing and anticipated requirements.

 

"We continue to add high quality, contracted annual recurring revenue as we
increasingly expand our footprint by sector and internationally. The
enterprise solutions we deliver drive efficiency, which is vital in today's
economy. Accordingly, the Board believes them to be compelling and ripe for
further growth."

 

 

For further information, please contact:

 

 Crimson Tide plc                                   Via Alma PR
 Barrie Whipp / Jacqueline Daniell / Peter Hurter
 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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