(Alliance News) - Crimson Tide PLC said Monday it has signed a long-term agreement with "one of the country's leading supermarkets" for its mpro5 platform.
Crimson Tide shares were up 9.1% in London at 2.40 pence each on Monday.
Mpro5 is a workforce management software application that allows companies to manage their remote workforce.
The Tunbridge Wells-based mobility solutions and software development services firm said the contracted revenue is for a minimum of GBP2.0 million over the 60-month term.
"This contract is for an enhanced rollout of mpro5 including safety and legal compliance," Crimson Tide said.
It is delivered on a software-only basis, replacing a previous contract and reducing support costs and resulting in higher margins.
In October, Crimson Tide had said it had entered into a 36-month length contract for its mpro5 platform with an unnamed supermarket chain. The contracted revenue was for a minimum of GBP1.4 million.
The company also on Monday said it expects its pretax profit for the year to be "substantially ahead" of 2018 and in line with market expectations.
Back in April, it had said its pretax profit declined to GBP69,000 in 2018 from GBP309,000 a year earlier, while revenue rose by 5.4% to GBP2.4 million from GBP2.3 million in 2017.
Executive Chair Barrie Whipp said: "2019 has been a strong year for the company and our profits have increased significantly.
"The team has generated a strong future pipeline of business and we are optimistic about our opportunities in facilities management, retail, healthcare and transportation, especially with our new internet of things technologies."
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Crimson Tide (TIDE)