By Josh White
Date: Friday 27 Sep 2019
LONDON (ShareCast) - (Sharecast News) - Business software provider Crimson Tide reported a 2,000% improvement in its profit before tax increased for the first half on Friday, to £0.1m.
The AIM-traded firm said its turnover was ahead 5.5% year-on-year in the six months ended 30 June, to £1.27m, which the board said was influenced by fewer lower margin hardware sales.
It said its pipeline of business was enlarged during the period, and included more enterprise organisations, and added that it had undertaken 'internet of things' pilots in transportation and retail.
"I am delighted to report an increase in profitability and turnover in a period where we substantially increased our investment in our sales team," said executive chairman Barrie Whipp.
"As a result of our decision to invest in additional senior sales professionals, with the associated cost, our pipeline has grown, and we have increased the number and value of our opportunities."
Whipp said that as the company was dealing with "larger and more complex" clients, its sales cycle had been extended, but he claimed the firm was "well-positioned" to take advantage of transactions that had been under discussion for some months.
"It should be noted that we are increasing our percentage of 'bring your own device' (BYOD) business which will impact turnover but, more importantly, improve margins.
"Our investment in internet of things has started to bear fruit and we are hopeful of further announcements in the near future."
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