LONDON (Alliance News) - Crimson Tide PLC Thursday said pretax profit rose in 2014, as a higher number of subscribers led to improved margins, and it said it remains encouraged by its prospects.
The mobile software and services company made a pretax profit of GBP84,000, up from GBP20,000 in 2013, despite revenue declining slightly to GBP1.21 million from GBP1.27 million. It reduced administrative costs and margins improving to 86% from 80% as it signed up more subscription business.
A big focus of the year was the company's mpro5 mobile business product. It continued to upgrade the product throughout the year, which it said contributed to contract renewals and extensions throughout the year. Last September it signed a contract with an undisclosed food and beverage firm, and a distribution partnership in Ireland with Vodafone Group PLC for the product.
"Undoubtedly 2014 was our most significant year. With record subscriber numbers and excellent cash generation we are investing in an ever improving pipeline. We believe that mpro5 has evolved to be a true leader as a mobility platform in a wide range of markets," said Executive Chairman Barrie Whipp in a statement.
Shares in Crimson Tide are trading up 3.5% at 1.50 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Crimson Tide (TIDE)