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(Alliance News) - Mobile software firm Crimson Tide PLC on Tuesday reported growing revenue and profit as it continues to develop its mpro5 business.
Shares in the company were trading up 7.1% at 3.27 pence each in London on Tuesday.
In the six months that ended June 30, revenue reached GBP2.0 million, up 14% from GBP1.8 million a year prior and 59% higher than the GBP1.3 million reported two years earlier.
Pretax profit rose 11% year-on-year to GBP286,000 from GBP257,000. In comparison, Crimson Tide reported pretax profit of GBP101,000 in the first half of 2019, before the pandemic.
The Tunbridge Wells, Kent-based company said its mpro5 product performed well in the first half, proving the strength of its long-term subscription model.
The mpro5 software is a cloud-based mobile workforce management platform and service.
Back in April, Crimson Tide raised GBP6.0 million to fund development of mpro5 and provide an app-based version for micro-sized businesses. The company issued 200.0 million shares, priced at 3.0 pence each, to raise the funds.
Chair Barrie Whipp said: "With the completed fundraise for expansion purposes, we are set to experience a new phase of growth as a business. We are now in a position to deliver our version of mpro5 for micro/nano business while mpro5 continues to perform strongly in our key enterprise sectors of transport, facilities management and retail."
Crimson Tide said it aims to release its microbusiness version of mpro5 in the second quarter of 2022. Market research continues for this new version of the product, which is currently undergoing its first stage of development.
"Our market research indicates that there is a clear market for this low touch version of mpro5 in the trades sector and will see significant investment in the coming years," Crimson Tide said.
The company noted that is has established mpro5 Inc in Raleigh, North Carolina, to expand its international business. The company also has a small presence in Scandinavia.
"This has been an important half year for Crimson Tide," Whipp said, "With the capital backing that we have previously lacked, we can now invest in some of the opportunities that we know exist, as well as major partner acquisition, integration and more aggressive [research & development],"
"We are about to experience a period of significant expenditure on growth, which will change our profile in [the second half of] 2021 and 2022, with the firm belief that we have a bright future ahead."
By Scarlett Butler; scarlettbutler@alliancenews.com
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