Crimson Tide (TIDE)

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

Crimson Tide secures several new contracts for 'mpro5' platform

By Josh White

Date: Thursday 27 Jun 2019

LONDON (ShareCast) - (Sharecast News) - Crimson Tide reported a number of contract wins for its 'mpro5' platform on Thursday, as well as new partnership agreements.
The AIM-traded firm said that in the Middle East, it had won an mpro5 contract through its newly-appointed partner Dcode.

It said the contract was for "one of the leading" waste management companies operating in the region, providing a platform to build out a stronger presence in 2020.

Crimson Tide said it expected that the deployment would extend to several hundred users during the course of the next 12 months.

The company also reported that it was in the process of finalising a contract with Compass Group in Denmark.

It said that promised to be the first of several countries rolling out mpro5 for Compass Group, where the firm was aiming to expand its footprint across the group.

Compass currently operated in 45 countries.

Crimson Tide also said it was "excited" by its partnership with KoolZone, which it described as an expert company in internet of things (IoT) monitoring across a number of sectors.

Integrating KoolZone's extensive suite of sensors into mpro5 would "strengthen and broaden" the unique offering in the IoT market of directing workflow as a result of sensor readings.

The company said KoolZone had expanded the catalogue of sensors available within mpro5, with their expertise reportedly enhancing Crimson Tide's ability to match the best sensors with each mpro5 IoT opportunity.

Crimson Tide said it had also won a contract for an innovative pilot in Ireland with a local county council, using both mpro5's IoT and mobile workflow features.

It said it appeared to be one of the first of its kind in that market sector, adding that while it was too early to estimate the longer-term impact, there was a "significant need" to automate much of the paperwork and processes in this sector.

Finally, a new contract had been signed with Interserve for three years.

The board said that group had been a loyal customer for a number of years, and used mpro5 to deliver industrial cleaning and security auditing across a multitude of large customers such as the BBC, Sainsbury's and the NHS.

"The sales strategy implemented at the end of 2018 is bearing fruit in what readers will understand is a market with uncertainties," said Crimson Tide executive chairman Barrie Whipp.

"Our ability to grow our long term contracted revenues demonstrates how robust our model is.

"I reiterate my confidence in the sales growth strategy that commenced in 2018."

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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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