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TIDE Crimson Tide Plc

160.00
0.00 (0.00%)
Last Updated: 07:46:11
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Crimson Tide Plc LSE:TIDE London Ordinary Share GB00BRJRV969 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 160.00 155.00 165.00 160.00 160.00 160.00 2,107 07:46:11
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Cmp Processing,data Prep Svc 5.35M -1.24M -0.1891 -8.46 10.52M

Crimson Tide PLC Interim Results (2480C)

28/09/2018 7:01am

UK Regulatory


Crimson Tide (LSE:TIDE)
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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 
                                       ------------  ------------  ------------ 
 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

IR UBVBRWAAKUAR

(END) Dow Jones Newswires

September 28, 2018 02:01 ET (06:01 GMT)

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