TIDMTIDE
RNS Number : 2480C
Crimson Tide PLC
28 September 2018
28 September 2018
Crimson Tide plc
("Crimson Tide" or "the Company")
Interim Results for the six months ended 30 June 2018
Crimson Tide, the provider of mpro5 - smart mobility as a
service (AIM: TIDE.L), announces its unaudited interim results for
the six months ended 30 June 2018.
Highlights
-- Strong growth in opportunities from planned Sales & Marketing investment
-- Revenues up 8% up on 1H 2017 (GBP1,201k v GBP1,114k)
-- Profit Before Tax GBP4k (1H 2017: GBP142k) after over GBP200k of planned investment
-- IOT solution, 5Things, now ready for market, mpro5 publicly downloadable.
Barrie Whipp, Executive Chairman, commented,
"Our pipeline has grown significantly and have seen additional
demand from Europe and the Middle East as well as in the UK &
Ireland. The Board estimates that, considering increased investment
in Sales & Marketing, like for like profit would have increased
by approximately 50%. We are working on a much wider range of
exciting opportunities and have developed mpro5's IOT capabilities.
mpro5 is now publicly downloadable from app stores for
demonstration purposes and for smaller businesses. We are extremely
well placed to take advantage of the opportunities generated from
our marketing activities and the Board is excited to accelerate our
growth to the next level. "
Enquiries:
Crimson Tide plc
Barrie Whipp / Luke Jeffrey 01892 542444
Arden Partners
Steve Douglas / Dan Gee-Summons 020 7614 5900
Chairman's Statement
The first half of 2018 has been a period of continued investment
in the Company, in line with the strategy set out in 2017 to
accelerate future growth. We have increased our sales team and
invested significantly in marketing and we are already seeing a
step change in our pipeline of opportunities, both in terms of
volume and scale as a result.
We currently have over 100 identified opportunities with
potential clients, five times more than typical levels before these
investments were made. These opportunities range from those in the
SME sector to substantial enterprise clients. This has also enabled
us to increase our base pricing.
Supporting this are the continued operational improvements that
have been made to mpro5. One of our goals for mpro5 this year was
to make it available as a publicly available download and this was
achieved with our Project Apollo release. Potential clients can now
simply register for a free trial, download mpro5 and start
completing their flows immediately. This gives us confidence for
our future offering, where mpro5 is available for Micro and Nano
organisations globally on a shorter-term subscription basis.
This will be further supported in the coming months with the
release of a new website which will provide an easier interface for
direct users and will allow them to schedule workflows for
themselves rather than doing so indirectly through our support
team.
We have also made further progress with 5Things, our Internet of
Things ("IoT") function which is now complete and ready for general
sale. We believe we have a unique proposition whereby we can supply
our own tested sensors and gateways, are network agnostic and can
integrate existing client services. There has clearly been a lot of
noise around IoT and its potential applications for some time but
its use in sensors and resulting alerts is gaining widespread
acceptance and traction. mpro5 can schedule complete workflows
based upon sensor data and rules and, as such, we will be able to
sell to sensor providers, not just end users of mpro5.
We continue to be excited about our new geographic areas of
operation, particularly The Netherlands and Middle East as well as
increased focus in Ireland. Our investment in these geographies has
been sensible and measured. They have naturally taken their time to
become established, but they now represent an increasing number of
the opportunities that we are seeing. Further evidence of this was
the announcement, post the period end, of two new contracts secured
in the Middle East and a contract with a major US pharma company
secured in Ireland. We have recently recruited Sam Roberts as our
new Director of Enterprise Sales and two other sales-focused
employees in Ireland and Dubai
We look forward to updating shareholders with further
announcements as we secure more business from these
geographies.
We remain on track to deliver the strategy set out to our
shareholders at the start of 2017. With the increased functionality
of mpro5 and 5Things and our increased sales capability, I believe
that we are in a strong position to convert an increasing amount of
the growing opportunities pipeline that our investment in marketing
has afforded us. With high margins and sensible costs, we are
optimistic in the current climate.
I believe that had we not made such investments then our profits
would have increased by around 50% on a like for like basis. As it
is, with this investment in place we are well placed to deliver
accelerated, sustainable growth, underpinned by our healthy cash
balance which will drive returns for shareholders in the years to
come.
Barrie Whipp
Executive Chairman
28 September 2018
Crimson Tide plc
Unaudited Consolidated Income Statement for the 6 months to 30
June 2018
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
ended ended ended 31
30 June 30 June December
2018 2017 2017
GBP000 GBP000 GBP000
Revenue 1,201 1,114 2,275
Cost of Sales (170) (109) (231)
Gross Profit 1,031 1,005 2,044
Overhead expenses (807) (647) (1,240)
Exceptional item (Note 2) - - (44)
Earnings before interest, tax, depreciation
& amortisation 224 358 760
Depreciation & Amortisation (202) (189) (394)
Profit from operations 22 169 366
Interest payable and similar charges (18) (27) (51)
---------- ---------- -----------
Profit before taxation 4 142 315
Taxation - - (5)
---------- ---------- -----------
Profit for the year attributable
to equity holders of the parent 4 142 310
========== ========== ===========
Earnings per share Unaudited Unaudited Audited
6 Months 6 Months 12 Months
ended ended ended 31
30 June 30 June December
2018 2017 2017
Basic earnings per Ordinary Share 0.00p 0.03p 0.07p
Diluted earnings per Ordinary Share 0.00p 0.03p 0.07p
(see Note 3)
Unaudited Consolidated Statement of Comprehensive Income
for the 6 months to 30 June 2018
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
ended ended ended 31
30 June 30 June December
2018 2017 2017
GBP000 GBP000 GBP000
Profit for the period 4 142 310
Other comprehensive income/(loss)
for period:
Exchange differences on translating
foreign operations (1) (2) (1)
Total comprehensive profit recognised
in the period and attributable to
equity holders of parent 3 140 309
========== ========== ===========
Unaudited Consolidated Statement of Financial Position at 30
June 2018
Unaudited Unaudited Audited
As at As at As at 31
30 June 30 June December
2018 2017 2017
GBP000 GBP000 GBP000
Fixed Assets
Intangible assets 1,785 1,592 1,698
Equipment, fixtures & fittings 491 698 611
2,276 2,290 2,309
Current Assets
Inventories 10 8 8
Trade and other receivables 787 686 974
Cash and cash equivalents 782 861 757
Total current assets 1,579 1,555 1,739
Total assets 3,855 3,845 4,048
Equity and liabilities
Equity
Share capital 454 453 454
Share premium 121 112 121
Other reserves 420 420 421
Reverse acquisition reserve (5,244) (5,244) (5,244)
Retained earnings 7,073 6,901 7,069
Total Equity 2,824 2,642 2,821
Creditors
Amounts falling due within one
year 754 831 868
Creditors
Amounts falling due after more
than one year 277 372 359
Total liabilities 1,031 1,203 1,227
Total equity and liabilities 3,855 3,845 4,048
Unaudited Consolidated Statement of Changes In Equity at 30 June
2018
Reverse
acquisi-tion
Share Share premium Other reserve Retained
capital reserves earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at
31 December
2016 453 112 422 (5,244) 6,759 2,502
Profit for
the period - - - - 142 142
Translation
movement - - (2) - - (2)
Balance at
30 June 2017 453 112 420 (5,244) 6,901 2,642
Balance at
31 December
2017 454 121 421 (5,244) 7,069 2,821
Profit for
the period - - - - 4 4
Translation
movement - - (1) - - (1)
Balance at
30 June 2018 454 121 420 (5,244) 7,073 2,824
---------- ---------------- ----------- -------------- ----------- --------
Unaudited Consolidated Statement of Cashflows for the 6 months
to 30 June 2018
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
ended ended ended
30 June 30 June 31 December
2018 2017 2017
GBP000 GBP000 GBP000
Cash flows from operating activities
Profit before tax 4 142 315
Adjustments for:
Amortisation of Intangible Assets 71 56 120
Depreciation of equipment, fixtures
and fittings 131 133 274
Net Interest 18 27 51
Operating cash flows before movement
in working capital and provisions 224 358 760
Increase in inventories (2) (1) (1)
Decrease/(increase) in trade and
other receivables 187 (50) (338)
(Decrease)/increase in trade and
other payables (48) 58 143
Cash generated from operations 361 365 564
Taxes paid - - (5)
Net cash generated in operating
activities 361 365 559
--------- --------- ------------
Cash flows used in investing activities
Purchase of fixed assets (170) (207) (431)
Net cash used in investing activities (170) (207) (431)
--------- --------- ------------
Cash flows from financing activities
Net proceeds from issues of shares - - 10
Interest paid (18) (27) (51)
Net decrease in borrowings (148) (150) (189)
Net cash used in financing activities (166) (177) (230)
--------- --------- ------------
Net increase/(decrease) in cash
and cash equivalents 25 (19) (102)
Net cash and cash equivalents at
beginning of period 757 859 859
--------- --------- ------------
Net cash and cash equivalents at
end of period 782 840 757
--------- --------- ------------
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
ended ended ended
30 June 30 June 31 December
2018 2017 2017
GBP000 GBP000 GBP000
Analysis of net funds:
Cash and cash equivalents 782 861 757
Bank overdraft - (21) -
782 840 757
Other borrowings due within one
year (214) (306) (280)
Borrowings due after one year (277) (372) (359)
Net funds 291 162 118
Crimson Tide Plc
Notes to the Unaudited Interim Results for the 6 months ended 30
June 2018
1. Basis of preparation of interim report
The information for the period ended 30 June 2018 does not
constitute statutory accounts as defined in section 434 of the
Companies Act 2006. It has been prepared in accordance with the
accounting policies set out in, and is consistent with, the audited
financial statements for the twelve months ended 31 December 2017.
A copy of the statutory accounts for that period has been delivered
to the Registrar of Companies. The auditor's report on those
accounts was unqualified and did not contain statements under
Section 498 (2) or (3) of the Companies Act 2006.
2. Exceptional item
The exceptional item of GBP44,000 in the year to 31 December
2017 represents one-off legal fees and accounting due diligence
costs incurred in preparation of an acquisition that was
subsequently aborted by the Company.
3. Earnings per share
The calculation of the basic earnings per share is based on the
profit attributable to ordinary shareholders and the weighted
average number of ordinary shares in issue during the period.
The calculation of the diluted earnings per share is based on
the profit per share attributable to ordinary shareholders and the
weighted average number of ordinary shares that would be in issue,
assuming conversion of all dilutive potential ordinary shares into
ordinary shares.
Reconciliations of the profit and weighted average number of
ordinary shares used in the calculation are set out below:
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
ended ended ended 31
30 June 30 June December
2018 2017 2017
Earnings per share
Reported profit (GBP000) 4 142 310
Reported basic earnings per
share (pence) 0.00 0.03 0.07
Reported diluted earnings
per share (pence) 0.00 0.03 0.07
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
ended ended ended 31
30 June 30 June December
2018 2017 2017
No. 000 No. 000 No. 000
Weighted average number of
ordinary shares:
Shares in issue at start of
period 454,486 453,486 453,486
Effect of shares issued during
the period - - 52
------------ ------------ ------------
Weighted average number of
ordinary
Shares for basic EPS 454,486 453,486 453,538
Effect of share options outstanding 10,364 12,522 11,282
------------ ------------ ------------
Weighted average number of
ordinary
shares for diluted EPS 464,850 466,008 464,820
------------ ------------ ------------
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END
IR UBVBRWAAKUAR
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