Crimson Tide said Friday first-half profits fell sharply as investments costs offset increased revenues.
For the six months to 30 June, pre-tax profit fell to £4k from £142k and revenues rose 8% to £1.20m.
Profits were weighed down by over £200k of planned investment, the company said.
The company said its pipeline had grown significantly amid additional demand from Europe and the Middle East as well as in the UK & Ireland. 'The Board estimates that, considering increased investment in Sales & Marketing, like for like profit would have increased by approximately 50%,' said Barrie Whipp, Executive Chairman. 'We are working on a much wider range of exciting opportunities and have developed mpro5's IOT capabilities. mpro5 is now publicly downloadable from app stores for demonstration purposes and for smaller businesses.' 'We are extremely well placed to take advantage of the opportunities generated from our marketing activities and the Board is excited to accelerate our growth to the next level.'
At 9:27am: (LON:TIDE) Crimson Tide PLC share price was -0.05p at 2.85p