(Alliance News) - Crimson Tide PLC on Thursday reported a sharp jump in profit and revenue as the software firm believes it is "primed" for further growth.
Shares in the mobile working software firm were 9.5% higher in London on Thursday afternoon at 2.36 pence each
Crimson Tide said pretax profit multiplied to GBP352,000 in 2019 from GBP69,000 in 2018.
Revenue was up 22% year on year to GBP2.9 million from GBP2.4 million in 2018. Crimson Tide noted 81% of its revenue is now recurring, benefiting from investments made in 2018, and is shifting towards software-only contracts.
Crimson Tide said this shift, as well as improved consultancy fees, saw its gross margin widen to 87.2% from 86.5%.
Executive Chair Barrie Whipp said: "Our long-term contracted revenues continue to underpin our growth. Our sales team is delivering and increasing pipeline whilst our technical team continues to enhance our mpro5 platform. We are primed to deliver and are now focused on marketing, client attraction and retention."
By Paul McGowan; paulmcgowan@alliancenews.com
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Crimson Tide (TIDE)