Crimson Tide (TIDE)

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

Crimson Tide locks in long-term contract with unnamed supermarket giant

By Iain Gilbert

Date: Monday 23 Dec 2019

LONDON (ShareCast) - (Sharecast News) - Business solutions provider Crimson Tide has scored a significant long-term contract win with one of the country's leading supermarkets.
Crimson Tide said on Monday that contracted revenue stemming from the deal was for a minimum of 2.0m over a 60-month term and was for an enhanced roll-out of its mpro5 software - including safety and legal compliance.

The AIM-listed firm said the contract would be delivered on a software-only basis, replacing a previous contract, inked back in October, and reducing support costs and capital requirements to fund expensive rugged PDAs, resulting in higher margins.

Separately, Crimson Tide told investors that full-year pre-tax profits looked set to be "substantially ahead" of 2018 and in line with market expectations.

Turnover for 2019 was expected to show an increase of approximately 15% year-on-year - lower than market expectation, reflecting the move away from lower-margin hardware provision.

Crimson Tide also added that it was currently engaged in several pilots in the transportation industry which were hoped to transition into subscriber contracts in 2020.

As of 0810 GMT, Crimson Tide shares had shot up 13.59% to 2.50p.

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 81,257
Shares Issued 457.49m
Market Cap 15.55m

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