LONDON (Alliance News) - Crimson Tide PLC Wednesday said it is "well placed to take advantage of recent significant contract wins", as it reported a strong rise in pretax profit for the first half of 2015.
The mobile data products company reported a rise in pretax profit to GBP66,000 for the half year to end-June, more than doubled from GBP31,000 a year before, as revenue rose to GBP673,000 from GBP614,000.
The company cited significant contract wins, including a pilot with an unnamed supermarket, and a contract to distribute the Evening Standard. Additionally, it signed a contract with a UK retailer, which it announced last Thursday, for its mpro5 enterprise smartphone and tablet applications.
"The number of subscribers using Crimson Tide's mpro5 solution continues to build year on year. Furthermore, the current opportunity pipeline is extremely encouraging with companies of increasing size seriously looking to implement mpro5 in their businesses. Our business model, targeting long term contracted revenues gives the board more reasons to remain very positive for the prospects for the company," the company said in a statement.
Shares in Crimson Tide rose 9.6% at 1.95 pence Wednesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Crimson Tide (TIDE)