(Sharecast News) - Software developer Crimson Tide has secured a number of "major" contract awards in the rail sector, providing the group with more than ?600,000 of long-term contracted revenues.
Crimson Tide said on Tuesday that two major Network Rail managed stations in London had invested in its mpro5 software, while MTR Elizabeth Line had chosen to invest in the platform as their strategic workflow tool of choice.
The AIM-listed group also noted that following its "highly successful" maiden year in the train presentation area, Chiltern Railways had extended and expanded its subscription with the firm in order to cover its safety, procurement, human resources, revenue protection, security and engineering departments, resulting in "a significant" increase in monthly subscriptions.
Executive chairman Barrie Whipp said: "Within eighteen months of entering a sector, we are contracted to, or in discussions with, the majority of major players in the rail business in the UK.
"Mpro5 has a very real opportunity of becoming an industry-standard tool, and from the feedback we are getting from our clients, it should be."
At 0850 GMT, Crimson Tide shares were up 11.11% to 2.50p.
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