Crimson Tide (TIDE,) the provider of the mpro5 Smart App solution, announced today its unaudited preliminary results for the year ended 31 December 2022.

Crimson Tide saw a significant increase in revenue, marking a 30% rise from £4.1m in 2021 to £5.4m. ARR also saw impressive growth to £5.75m, up from £3.8m the previous year. The company's investments in people, platform, and marketing resulted in LBITDA of £0.3m. Despite this, the company maintained a healthy cash balance, with £3.6m at year-end, compared to £5.7m in 2021.

Operationally, Crimson Tide reported significant contract wins in both the retail and utilities sectors, signaling a strong year. The company has also incorporated Internet of Things (IoT) capabilities into its smart workflows and established a pipeline in the US, which should allow it to deliver further growth in ARR.

Barrie Whipp, Executive Chairman of Crimson Tide, commented:

"In 2022, we grew our key metric, Annual Recurring Revenue, to £5.75m, a record and substantially ahead of the previous year. We saw the height of the deployment of the capital raised in 2021, and all departments of the Company benefitted from fresh investment in technology, people and marketing.”

“As we see the results of these investments, we expect our ability to scale domestically and internationally to increase our technology, marketing and international growth.”

View from Vox

Crimson Tide made impressive progress in 2022, with key milestones including commencing a technology-wide upgrade programme, Project Saturn, along with a large contract renewal with a major UK retailer. The stream of contracts in 2022, along with upselling to existing customers, allowed revenue to increase by almost a third.

In 2023, Crimson has continued to show strong momentum, recently winning a contract with an NHS trust in the southeast of England for c. £250k over 36 months for its mpro5 Smart App solution. Before that, the company inked a contract in the US worth £250k, solidifying its long-term goal of expansion into North America.

Going forward, the company’s ARR of £5.75m, exceeding market expectations, has allowed Crimson to forecast for the year ahead with confidence.

Follow Crimson Tide for more News and Updates: