LONDON (Alliance News) - Crimson Tide PLC Wednesday said it is "very well placed for future growth" as it reported pretax profit doubled in 2015, with revenue driven by a rise in subscriber numbers for its core mpro5 product.
The mobile services business reported a pretax profit of GBP168,000 for 2015, doubled from the GBP84,000 it reported the year before, as revenue rose to GBP1.4 million from GBP1.2 million.
Crimson Tide noted that its revenue predominantly came from longer-term subscriptions, and new deals it closed in 2015 will have a "greater positive impact" in future periods.
During 2015 the company also underwent a capital reconstruction to allow it to, if appropriate, pay dividends in the future. This process has now been completed, Crimson Tide said.
"Crimson Tide had an excellent year by all measures in 2015. The contract for a leading supermarket that we had been working on for years came to fruition and we delivered ahead of schedule. We believe that mpro5 has become the de facto mobility service in facilities management and we continue to make strides in logistics, healthcare and other industries. We are very well placed for future growth," said Executive Chairman Barrie Whipp in a statement.
Shares in Crimson Tide were down 4.4% at 3.25 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Crimson Tide (TIDE)