REG - Crimson Tide PLC - Trading Update

Crimson TideAnnouncement

03/02/2022 07:00

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RNS Number : 5042A  Crimson Tide PLC  03 February 2022

3 February 2022

Crimson Tide Plc

Period end Trading Update

 

Financial

 

Crimson Tide Plc (TIDE) ("Crimson Tide" or "The Company"), the provider of the
mpro5 solution, is pleased to provide the following trading update ahead of
publishing its full year results for the year to 31 December 2021.

 

Revenue for the year was slightly ahead of expectations of £4.0 million.
Following the fund raise in April 2021, which saw a number of highly respected
institutional investors join the shareholder register, the deployment of
investment capital led to slightly smaller losses for the year than the £700k
expected at the EBIT and PBT levels.

Results were boosted by increased mpro5 subscribers (for new and existing
clients alike), with our activities in rail and food safety standing out in
terms of additions to base subscriptions.

Year-end cash stood in excess of £5.5 million following good performance by
mpro5 and slight delays in deploying capital, mainly through supplier delays.

Operations

Notable successes during the year included:

·    the rollout of mpro5 in schools across the country with Chartwells

·    successful pilots including Internet of Things (IoT) sensors in the
rail and facilities management sectors

·    International expansion, with an office in Raleigh, North Carolina
now established and transactions in Scandinavia and Canada

·    Significant hires in sales, marketing and development

·    Master Services Agreement signed with Compass Group

 

We are implementing a strategy to bring all versions of mpro5 on to one
consolidated platform. Scalability both domestically and internationally will
benefit from this approach. A single platform strategy will bring the benefits
of our different vertical solutions into one codebase.

We continue to pursue IoT growth and are working on a partnership with a
global player, where mpro5 will become a feature of their partner ecosystem.
Our current vertical focus areas in Transportation, Facilities Management and
Retail as well as some exciting opportunities for mpro5 to help the NHS with
50-point checks continue to provide a growing pipeline.

Outlook

Our goal is to continue to standardise mpro5 for a wide range of businesses
and we are deploying our capital in developing our platform in international,
and vertical markets. This will enable us to scale, whether it is through
partner acquisition, direct sales to microbusiness or our enterprise-level
offering. Our goal remains to reach EBITDA breakeven during 2022, however, we
believe that top-line growth is open to us across our sectors and
internationally and we will invest capital further where we see opportunity.
The Directors remain confident in future growth and believe that our ability
to scale the business has never been greater.

Full-year results are expected to be published in early April. The numbers in
this update remain subject to final close procedures and audit.

Enquiries:

 

 Crimson Tide plc                                      +44 1892 542444

 Barrie Whipp / Luke Jeffrey

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

 Julian Blunt / James Thompson - Corporate Finance

 Andrew Burdis - Corporate Broking
                                                                                 +44 7780 901979

 Alma PR (Financial PR)

 Josh Royston

 

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