In an update ahead of its results for the year to 31 December 2021,Crimson Tide (TIDE ) informed investors that revenue has been slightly ahead of expectations at £4 million.
Crimson Tide, a software firm with its own field service management software platform, said the deployment of investment capital following the company’s fundraise in April 2021 led to slightly smaller losses for the year than the £0.7m expected at the EBIT and PBT levels.
The group is the creator of mpro5 field service management software platform and service, a platform which allows various organisations to both streamline and automate their operations.
Today, the company said its results for the year to 31 December 2021 had been boosted by an increased number of mpro5 subscribers (for new and existing clients alike). It added that its activities in rail and food safety have ‘stood out’ in terms of additions to base subscriptions.
By the year-end, the company’s balance cash stood in excess of £5.5 million following a good performance by mpro5 and slight delays in deploying capital, mainly through supplier delays.
Crimson highlighted some operational successes, including, inter alia, its rollout of its mpro5 platform in schools across the country with Chartwells and as well as series of successful pilots including Internet of Things sensors in the rail and facilities management sectors.
Over the year, Crimson expanded internationally through its purchase of a US-based office in North Carolina while the group also made further transactions in Scandinavia and Canada.
The Company informed investors that it is focused on implementing a strategy to bring all versions of its mpro5 platform on to one consolidated platform. It said scalability both domestically and internationally will benefit from this approach and that a single platform strategy will also bring the benefits of its different vertical solutions into one codebase.
Crimson, which is now working on a partnership with an unnamed but ‘global’ player whereby mpro5 will become a feature of their partner ecosystem, said its pipeline continues to grow.
The Group said it is deploying capital in developing its platform in international and vertical markets, outlining that its objective is to standardise mpro5 for a wide range of businesses.
‘This will enable us to scale, whether it is through partner acquisition, direct sales to microbusiness or our enterprise-level offering. Our goal remains to reach EBITDA breakeven during 2022, however, we believe that top-line growth is open to us across our sectors and internationally and we will invest capital further where we see opportunity,’ it told investors
The Company expects to publish its results for the year to 31 December 2021 in early April.
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