Crimson Tide (TIDE)

Share Price:
3.40p
Market Cap:
15.55m
Change Today:
0.000p
Sector:
IT Hardware

Crimson Tide reports sharp fall in full-year profits before tax

By Caoimhe Toman

Date: Tuesday 30 Apr 2019

LONDON (ShareCast) - (Sharecast News) - British software provider Crimson Tide reported a sharp drop in full-year profits.
Profits before tax for 2018 fell to 69,000 from 309,000 one year, with the company attributing the decline to significant new investments in sales and marketing to accelerate its growth potential.

Revenue, rose by 5.4% to 2.40m reflecting a higher percentage of software-only contracts during the year, while administrative expenses increased by 27% to 1.6m.

Equipment operating lease debt decreased by over 40% to 376k (2017: 639k) with net funds doubling to 237k (2017: 118k).

Barrie Whipp CEO of Crimson Tide, said: "A year of significant investment in new Sales & Marketing resource, whilst still producing profitability and net cash, sees Crimson Tide well set for growth. mpro5 has evolved into a gold standard mobility system used in over 260,000 sites and is poised for even wider opportunities".

Crimson Tide shares were falling 7.9% on Tuesday at 2.62p each.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Crimson Tide Market Data

Currency UK Pounds
Price 3.40p
Change Today 0.000p
52 Week High 3.95p
52 Week Low 1.58p
Volume 101,246
Shares Issued 457.49m
Market Cap 15.55m

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