LONDON (Alliance News) - Crimson Tide PLC on Tuesday said it expects annual profit to come in ahead of market forecasts, an "especially" pleasing results.
Crimson Tide shares were trading up 14% at 2.33 pence each on Tuesday.
For 2018, the creator of cloud-based mobility service mpro5 expects profit to beat market expectations. In 2017, pretax profit was GBP359,000.
"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," the firm said.
It added: "Revenue 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."
The company ended the year with an 18% increase in its customer base, which will contribute to long-term subscription revenue. The platform is now in use in over 250,000 sites.
Furthermore, after subscribers were added internationally in Dubai and Denmark, the firm said it is "hopeful of wider adoption globally".
Chief Executive Luke Jeffrey said: "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.
"Our first partners are excited about the programme and our international expansion is really starting to pick up pace."
Crimson Tide (TIDE)