TIDMTIDE
RNS Number : 3310O
Crimson Tide PLC
29 January 2019
Crimson Tide plc ("Crimson Tide" or "the Company")
Trading Update for the year ended 31 December 2018
PROFITS EXPECTED TO BE AHEAD OF MARKET EXPECTATIONS
EXCITING DEVELOPMENTS ACROSS THE BUSINESS
-- Profit before tax expected to be ahead of market forecast
-- Customers generating long-term revenues up 18%
-- Record opportunities generated in 2018 up over 250%
-- New IoT solution sales channel created
-- Maiden NHS order taken with 2019 growth expected
-- International expansion with first customers in Denmark and Dubai
-- Growing partner community contributing early revenues
-- Successful pilot in Tanzania and Indonesia with a Global
Regulatory Authority in pharmaceuticals
-- Biometric Time & Attendance module released to market with early adoption in evidence
-- New web client released in Q4 2018 well received by customers and prospects
-- mpro5 platform in use in over 250,000 sites
Crimson Tide, the creator of mpro5 - a leading cloud-based
managed mobility service (AIM: TIDE.L), announces a trading update
for the year ended 31 December 2018. The Company is pleased to
announce that it expects Profit Before Tax to be ahead of market
forecasts, subject to year-end financial close and audit
procedures.
This is especially pleasing notwithstanding the substantial
investments in new sales & marketing staff and associated
expenditure in line with the strategy communicated to the market.
Revenues continued to grow which was particularly pleasing given
the Company's continued strategy to convert consultancy and
hardware sales revenue to long term subscription revenue. At the
year end the Company had cash at bank in excess of GBP600k and had
reduced the debt on device lease agreements resulting in another
increase at the year end in Net Funds.
Following the Company's investments in sales & marketing
during 2018, Crimson Tide saw an accelerated number of subscriber
additions, ending the period with an increase in the customer base
of 18%, all of which will contribute to long-term subscription
revenues. The platform is now in use in over 250,000 sites. The
Company has also experienced a sharp rise in the number of
opportunities generated during the year, and at the period end
recorded an increase of over 250% in the number of
opportunities.
Investment in the mpro5 platform in 2018 brought a new Internet
of Things (IoT) module, '5things' to its existing customer base.
This module moves the mpro5 platform into the automation space,
allowing real-time monitoring via sensors and automated scheduling
to mobile devices. This module allows for new opportunities for
upselling to the entire existing subscription base.
To compliment this offering, the Company has invested in a new
'Solution Sales' channel being launched in January 2019, offering
IoT, MDM (Mobile Device Management), and SIM connections to
existing and new customers alike. The Company is also pleased to
announce the recruitment of a new Director of Solution Sales for
this channel, directly from the UK's largest independent business
telecommunications provider, having over 30 years' experience in
the field.
The Company's mpro5 platform was successfully certified and
listed on the Government's G-Cloud Marketplace in 2018. This allows
for hundreds of public sector organisations to independently
research and purchase mpro5 subscription services directly, and the
Company was pleased to announce its first subscription with an NHS
trust as of March 2018 and is focused on extending this to cover
further trusts in 2019.
Subscriber additions were made internationally and the Company
welcomed its first subscribers in both Dubai and Denmark. Both
markets are using the mpro5 service in the well-established
verticals of facilities management and cleaning.
The Company has received positive feedback from two pilots
running in the pharmaceuticals industry in Tanzania and the
Philippines respectively, whereby its mpro5 platform is being used
to capture, collate, and notify in real-time a global regulatory
authority of counterfeit pharmaceuticals in the supply chain. The
Company is hopeful of wider adoption globally.
Crimson Tide has established a partner channel which added
revenue in late 2018 within the market of transport &
logistics. The Company is optimistic in pursuing these new markets
with its mpro5 offering. This channel is expected to deliver
further growth opportunities from 2019.
Development of the mpro5 platform includes a new biometric Time
& Attendance module, allowing customers to monitor attendance
of staff on disparate locations using facial recognition,
fingerprint, or landline PIN authentication. Customer adoption is
already in evidence.
In late Q4 the Company completed the development of its new web
client 'Project13.' This has been released to the entire customer
base as of Jan 2019 to widespread positive feedback.
Barrie Whipp, Executive Chairman of Crimson Tide, commented:
"We can take great encouragement from 2018. Our investments in
Sales & Marketing have begun to pay off. Enhancements in mpro5
and the widening of our channels mean that the Board is very
optimistic for the future."
Luke Jeffrey, Chief Executive Officer of Crimson Tide,
commented:
"2018 has been an incredible year of transformation for the
Company and our mpro5 platform. We are readily positioned with the
right product to prosecute our successful marketing strategy.
The huge growth in opportunity indicates appetite for our SaaS
offering, and the long-term subscription gives us great future
visibility of revenues.
Our first partners are excited about the programme and our
international expansion is really starting to pick up pace.
I am incredibly proud of our team and the service that we
continue to deliver to our subscribers."
Enquiries:
Crimson Tide plc 01892 542444
Barrie Whipp / Luke Jeffrey
Arden Partners 020 7614 5900
Steve Douglas / John Llewellyn-Lloyd / Dan Gee-Summons
For further information on Crimson Tide plc, see the website at:
www.crimsontide.co.uk/
The information contained within this RNS is considered to be
inside information prior to its release.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTBPMPTMBBTBFL
(END) Dow Jones Newswires
January 29, 2019 02:00 ET (07:00 GMT)
Crimson Tide (LSE:TIDE)
Historical Stock Chart
From Apr 2024 to May 2024
Crimson Tide (LSE:TIDE)
Historical Stock Chart
From May 2023 to May 2024