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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 |
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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