LONDON (Alliance News) - Mobile data services company Crimson Tide PLC Tuesday expressed confidence in its future prospects, as it posted a higher pretax profit for the half-year to the end of June.
The company posted a pretax profit of GBP25,000, up from GBP10,000 a year before, despite seeing revenue fall slightly to GBP614,000 from GBP660,000, as it cut down on cost of sales and overheads.
During the half-year the company added subscribers and agreed contract extensions. This included a subscriber agreement with an unnamed Irish company, a deal with a service provider for a UK transportation provider, and extending a contract with facilities management company.
It also signed an exclusive agreement with Vodafone Group PLC to distribute its mpro5 software platform in Ireland. It is piloting mrpo5 in a UK and Ireland supermarket, and said it had seen "promising results for store management and insurable risks."
Crimson Tide said that following the end of the half-year the company won a "transformational contract" with a food and beverage company through a recommendation by Microsoft Corp. The company said the contract will take it "global," allowing its mpro5 software platform to be available worldwide.
"The availability of mpro5 globally is leading us to explore opportunities with potential partners in other geographies which the Board feels will add scale to our offering," the company said in a statement. "The board remain very positive for the prospects for the business."
Shares in Crimson Tide were trading down 2.6% at 1.50 pence Tuesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Crimson Tide (TIDE)