Crimson Tide profit increases as pipeline grows

Writer, Stock Market Wire
Friday, September 27, 2019 - 08:12

Crimson Tide saw pretax profit increase to £0.1m from £0.04m as turnover grew 5.5% to £1.3m, influenced by fewer, lower margin hardware sales, as the company announced in its interim results for the period ending 30 June 2019.

The company reported a pipeline of business which was enlarged and included more enterprise organisations.

Barrie Whipp, executive chairman, commented:

'I am delighted to report an increase in profitability and turnover in a period where we substantially increased our investment in our sales team.'

'As a result of our decision to invest in additional senior sales professionals, with the associated cost, our pipeline has grown, and we have increased the number and value of our opportunities.'

'As we are dealing with larger and more complex clients, our sales cycle has been extended but we are well positioned to take advantage of transactions that have been under discussion for some months.'

'It should be noted that we are increasing our percentage of BYOD (Bring Your Own Device) business which will impact turnover but, more importantly, improve margins. Our investment in IOT has started to bear fruit and we are hopeful of further announcements in the near future.'

At 8:12am: (LON:TIDE) Crimson Tide PLC share price was 0p at 2.3p


Related content

Crimson Tide wins contract with UK retailer

Business performance app provider Crimson Tide said it had secured contract with a 'leading' UK retailer.

The contracted revenue was for a minimum of £1.4m...

Tue, 01/10/2019 - 13:59


Crimson Tide wins new contracts in rail sector worth £0.25m

Crimson Tide announced Thursday a two contract wins in the rail sector worth nearly £0.25m for the company's mpro5 service offering.

These transactions, won through...

Thu, 07/02/2019 - 08:43


Crimson Tide expects annual profit ahead of market expectations

Mobility service provider Crimson Tide said it expected to post a full-year profit ahead of market forecasts.

Revenue for the year through December continued to...

Tue, 29/01/2019 - 13:57


Crimson Tide profits slump as investment costs bite

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...

Fri, 28/09/2018 - 09:27


Crimson Tide appoints Luke Jeffrey as CEO

Crimson Tide appointed Luke Anthony Jeffrey as its new chief executive.

Company founder Barrie Whipp would continue as executive chairman.

Jeffrey was appointed deputy CEO...

Wed, 28/03/2018 - 14:32