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18 Sep 2020 | 11:13

Crimson Tide profits surge in bumper first half

(Sharecast News) - Mobility software company Crimson Tide reported a 40% improvement in turnover in its first half on Friday, to £1.77, with Sales of £0.23m and cost of goods sold of £0.12m recognised due to IFRS 15. The AIM-traded firm said its profit before tax rocketed 154% year-on-year for the six months ended 30 June, to £0.26m.

EBITDA was ahead 72% at £0.47m, with the board describing a "strong" improvement in its net cash position, rising £1.05m from £0.49m a year earlier.

Looking at its operations, Crimson Tide said its strategic focus on transportation, and supermarkets and convenience stores, was succeeding.

It signed a new long term contract with a large neighbourhood retailer during the period, adding to revenue visibility in the second half and beyond.

The board said it was also increasing the quality of its retained client book, and said partnerships were improving its routes-to-market and scalability, shortening the new business sales cycle.

"Crimson Tide performed exceptionally well in all areas of the business in the first half," said founder and chairman Barrie Whipp.

"All of our management metrics were achieved and we continued to add quality, long term subscription revenues."

Whipp said the firm's product development continued, driven by opportunities within both its existing and potential customer base.

"The business is set fair for future growth and profitability."

At 1100 BST, shares in Crimson Tide were up 2.78% at 3.7p.
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