Crimson Tide profit increases as pipeline grows

Writer,

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


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