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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 | 0.00 | 08:00:00 |
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 : 1268N
Crimson Tide PLC
28 September 2021
28 September 2021
Crimson Tide plc
Interim results for the six months ended 30 June 2021
Crimson Tide plc ("Crimson Tide" or "the Company"), the provider of the mpro5 solution is pleased to announce its unaudited interim results for the six months ended 30 June 2021.
Financial headlines
-- Turnover increase of 13.8% to GBP2,015k (H1 2020: GBP1,770k) -- EBITDA increase of 12.5% to GBP529k (H1 2020: GBP470k) -- Profit before tax increased by 11.3% to GBP286k (H1 2020: GBP257)
-- Fundraise of GBP5.6m (net of fees) finalised during April 2021, of which GBP250k spent in H1
Operational highlights
-- Expansion of food safety use of mpro5 -- Early progress on micro business version -- UAT completed for patient version of mpro5 -- Raleigh, NC established as US base -- Significant hires in sales, marketing and development
Barrie Whipp, Founder and Chairman, commented,
"With the completed fundraise for expansion purposes, we are set to experience a new phase of growth as a business. We are now in a position to deliver our version of mpro5 for micro/nano business while mpro5 continues to perform strongly in our key enterprise sectors of transport, facilities management and retail. We are about to experience a period of significant expenditure on growth, which will change our profile in H2 2021 and 2022, with the firm belief that we have a bright future ahead".
About the Company
Crimson Tide plc is the provider of mpro5 - a leading, cloud-based, cross-platform, SaaS mobile workflow solution. mpro5 enables organisations to drive efficiencies through mobile data capture, Internet of Things sensors, process automation, and real-time analytics. Supporting over 100,000 users across multiple countries and industries, mpro5 is provided on multi-year subscription basis driving immediate return on investment for its users.
Enquiries:
Crimson Tide plc Barrie Whipp / Luke Jeffrey +44 1892 542444 finnCap Ltd (Nominated Adviser and Broker) Corporate Finance: Julian Blunt / James Thompson +44 20 7220 0500 Corporate Broking: Andrew Burdis Alma PR (Financial PR) Josh Royston +44 7780 901979 Chairman's Statement
The first half of the year demonstrated the robustness of our long-term subscription model for mpro5, whilst setting us up for the largest capital raise in our history. With early wins in the food safety sector as well as the utility vertical, we were able to demonstrate the sound business model that attracted several highly respected investors in the AIM market to participate in our fundraising in April.
Our increased capital base and cash generated from mpro5's existing operations saw cash increase to in excess of GBP6.5m, and we are now in the early days of implementing the strategy presented to investors. We are addressing client feature requests for the core mpro5 platform which inherently enhances our sales process. Our enterprise deals, by their nature, can have longer lead times, however our abilities in IoT and dashboarding are making mpro5 even more compelling. We are currently focused on the transport, facilities management and retail sectors and our key model is to "land and expand" with enterprise clients. Part of this strategy is to be able to assist them wherever their business is located.
Internationally, we have established mpro5 Inc, based in Raleigh, North Carolina. This is not a grand physical strategy but a tactical approach, where our US CEO, Mark Self can approach existing clients (or clients of clients) as well as establish partnerships and relationships. Our mpro5 demo systems and marketing material can help us add new business based upon existing use cases. We have expanded into Scandinavia: whilst only in a very small way to date, this is an excellent example of how mpro5's value in the UK & Ireland is replicable with international clients in their other geographic markets. Adding the World Federation of Haemophilia to our subscription base also represents a highly exciting opportunity. Our patient app, previously applicable to patients with haemophilia has been completely reengineered to suit any condition where patients need to report usage of medication as well as verification that the medicine is in date, applicable to them and not counterfeit. We are as excited with the opportunities in this sector as any of our business verticals.
Project wrkrz, our version of mpro5 for micro/nano business is undergoing first stage development as well as market research, branding and technical stack progress on an ongoing basis. We aim for release in Q2, 2022 and it should be noted that many of the new learnings are also relevant to future developments in mpro5. Our market research indicates that there is a clear market for this low touch version of mpro5 in the trades sector and will see significant investment in the coming years.
This has been an important half year for Crimson Tide plc. With the capital backing that we have previously lacked, we can now invest in some of the opportunities that we know exist, as well as major partner acquisition, integration and more aggressive R&D. We feel that we can now market our business aggressively. I encourage you to visit mpro5.com to view our case studies and marketing material. This business has never been so well set. The addition of a Head of Marketing, US CEO and Jacqueline Daniell, as a new Non-Executive Director, has strengthened our executive and board significantly.
We are keenly focused on expanding the business in our key sectors, whilst exploring geographic opportunities and developing our micro business and patient versions of the mpro5 platform. We have strengthened our team, identified our marketing and development partners and will press ahead with ambition and optimism.
Barrie Whipp
Founder and Chairman
28 September 2021
Financial Review
Financial indicator Six months Six months Increase Year ended ended 30 ended 31 December June 2021 30 June % 2020 GBP'000 2020 GBP'000 GBP'000 Revenue 2,015 1,770 13.8% 3,542 ----------- ----------- --------- ------------- Gross profit 1,652 1,404 17.7% 2,865 ----------- ----------- --------- ------------- EBITDA 529 470 12.5% 946 ----------- ----------- --------- ------------- Profit before tax 286 257 11.3% 532 ----------- ----------- --------- -------------
The half-year financial results for 2021 reflect double-digit growth across all the key financial indicators.
Revenue
Revenue growth remained robust during the period, with monthly recurring revenue as at 30 June 2021 at cGBP300,000 (H1 2020: cGBP235,000). Consultancy fees contributed GBP178,000 to revenue during the period (H1 2020: GBP255,000). Revenue churn during the period remained low at 1.4% (H1 2020: 3.9%). Geographically the revenue split remained consistent to that of the prior year, with the UK contributing 92% of revenue (H1 2020: 93%).
Cost of Sales and gross profit
The gross profit margin of 82% remained above the Board's target rate of 80% (H1 2020: 79%).
Other income
Other income reflects the sale of legacy hardware devices. The nature of this is not recurring.
Cashflow
Operating cash flows before movement in working capital increased to GBP530,000 (H1 2020: GBP476,000). Although cash generated by operations of GBP111,000 (H1 2020: GBP1.03 million) appears to have decreased, this is mostly an effect of the measures that the Board put in place during the first lockdown in 2020 to preserve cash, with the subsequent correction taking place during the current period. Cash prior to the fundraise in April was cGBP1m. Following the successful raise of GBP5.6 million (net of fees) at the end of April, the Company has spent approximately GBP250,000 on initiatives highlighted during the fundraise process. It is expected that this amount will increase during H2 2021. Investment in marketing will also increase, under the guidance of the newly appointed Head of Global Marketing.
Lease liabilities
Loans and leases decreased to GBP205,000 (H1 2020: GBP410,000) and obligations will conclude during the following 18 months. No new leases were entered into during the period under review.
Intangible asset
Software development costs of GBP259,000 (H1 2020: GBP229,000) were capitalised during the period under review, while amortisation amounted to GBP123,000 (H1 2020: GBP100,000). The value of the capitalised software intangible asset at period-end was GBP1.8 million (H1 2020: GBP1.45 million).
Earnings per share
Following the issue of 200 million ordinary shares on 23 April 2021, the total number of ordinary shares in issue at period end was 657,486,234 (H1 2020: 457,486,234). Basic and diluted earnings per share was 0.05p (H1 2020: 0.06p) during the period under review.
Crimson Tide plc
Condensed Consolidated Statement of Profit or Loss
for the 6 months to 30 June 2021
Unaudited Unaudited Audited 6 Months 6 Months 12 Months ended ended ended 31 30 June 30 June December 2021 2020 2020 GBP000 GBP000 GBP000 Revenue 2,015 1,770 3,542 Cost of Sales (363) (366) (677) Gross Profit 1,652 1,404 2,865 Other income 123 - 5 Administrative expenses (1,477) (1,128) (2,309) ---------- ---------- ----------- Operating profit 298 276 561 Finance costs (12) (19) (29) Profit before taxation 286 257 532 Taxation - - 202 ---------- ---------- ----------- Profit for the period attributable to equity holders of the parent 286 257 734 ========== ========== =========== Earnings per share Unaudited Unaudited Audited 6 Months 6 Months 12 Months ended ended ended 31 30 June 30 June December 2021 2020 2020 Basic earnings per Ordinary Share 0.05p 0.06p 0.16p Diluted earnings per Ordinary Share 0.05p 0.06p 0.16p
Condensed Consolidated Statement of Comprehensive Income
for the 6 months to 30 June 2021
Unaudited Unaudited Audited 6 Months 6 Months 12 Months ended ended ended 31 30 June 30 June December 2021 2020 2020 GBP000 GBP000 GBP000 Profit for the period 286 257 734 Other comprehensive income/(loss) for period: Exchange differences on translating foreign operations 1 6 4 Total comprehensive profit recognised in the period and attributable to equity holders of parent 287 263 738 ========== ========== ===========
Condensed Consolidated Statement of Financial Position at 30 June 2021
Unaudited Unaudited Audited As at As at As at 31 30 June 30 June December 2021 2020 2020 GBP000 GBP000 GBP000 ASSETS Non-current assets Intangible assets 2,577 2,247 2,441 Property, plant & equipment 189 291 235 Right-of-use asset 64 121 92 Deferred tax asset 32 32 32 ---------- ---------- ---------- Total non-current assets 2,862 2,691 2,800 ---------- ---------- ---------- Current assets Inventories 6 6 6 Trade and other receivables 1,474 1,018 1,221 Cash and cash equivalents 6,596 1,052 1,175 ---------- ---------- ---------- Total current assets 8,076 2,076 2,402 ---------- ---------- ---------- Total assets 10,938 4,767 5,202 ---------- ---------- ---------- LIABILITIES Current liabilities Trade and other payables 741 820 907 Borrowings 7 18 8 Lease liabilities 134 221 181 ---------- ---------- ---------- Total current liabilities 882 1,059 1,096 ---------- ---------- ---------- Non-current liabilities Borrowings - 8 5 Lease liabilities 64 163 94 ---------- ---------- ---------- Total non-current liabilities 64 171 9 Total liabilities 946 1,230 1,195 ---------- ---------- ---------- Net assets 9,992 3,537 4,007 ---------- ---------- ---------- EQUITY Share capital 657 457 457 Share premium 5,644 148 148 Other reserves 481 480 479 Reverse acquisition reserve (5,244) (5,244) (5,244) Retained profits 8,454 7,696 8,167 ---------- ---------- ---------- Total equity 9,992 3,537 4,007 ---------- ---------- ----------
Condensed Consolidated Statement of Changes in Equity
Six-month period ended 30 June 2021 (Unaudited)
Reverse acquisi-tion Share Share premium Other reserve Retained capital reserves earnings Total GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Balance at 31 December 2020 457 148 479 (5,244) 8,167 4,007 Shares issued 200 5,496 - - - 5,696 Profit for the period - - - - 286 286 Translation movement - - 2 - 1 3 Balance at 30 June 2021 657 5,644 481 (5,244) 8,454 9,992
Six-month period ended 30 June 2020 (Unaudited)
Reverse acquisi-tion Share Share premium Other reserve Retained capital reserves earnings Total GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Balance at 31 December 2019 457 148 475 (5,244) 7,433 3,269 Profit for the period - - - - 257 257 Translation movement - - 5 - 6 11 Balance at 30 June 2020 457 148 480 (5,244) 7,696 3,537
Condensed Consolidated Statement of Changes in Equity
Year ended 31 December 2020 (Audited)
Reverse acquisi-tion Share Share premium Other reserve Retained capital reserves earnings Total GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Balance at 1 January 2020 457 148 475 (5,244) 7,433 3,269 Profit for the period - - - - 734 734 Translation movement - - 4 - - 4 Balance at 31 December 2020 457 148 479 (5,244) 8,167 4,007
Condensed Consolidated Statement of Cash flows
For the 6 months to 30 June 2021
Unaudited Unaudited Audited 6 Months 6 Months 12 Months ended ended ended 30 June 30 June 31 December 2021 2020 2020 GBP000 GBP000 GBP000 Cash flows from operating activities Profit before tax 286 257 532 Adjustments for: Amortisation of Intangible Assets 123 100 216 Depreciation of property, plant and equipment 80 66 111 Depreciation of right-of-use assets 28 28 57 Unrealised currency translation movement 1 6 4 Interest paid 12 19 29 --------- --------- ------------ Operating cash flows before movement in working capital and provisions 530 476 949 Decrease in inventories - 6 6 (Increase)/decrease in trade and other receivables (253) 202 (1) (Decrease)/increase in trade and other payables (166) 346 433 --------- --------- ------------ Cash generated by operations 111 1,030 1,387 Income taxes received - - 202 Interest paid in cash (10) (15) (27) --------- --------- ------------ Net cash from operating activities 101 1,015 1,562 --------- --------- ------------ Cash flows from investing activities Purchases of property, plant and equipment (34) (32) (21) Development expenditure capitalised (259) (229) (539) --------- --------- ------------ Net cash used in investing activities (293) (261) (560) --------- --------- ------------ Cash flows from financing activities Net proceeds from share issues 5,696 - - Repayments of borrowings (6) (14) (21) Repayments of lease liability (77) (8) (126) --------- --------- ------------ Net cash from financing activities 5,613 (22) (147) --------- --------- ------------ Net increase in cash and cash equivalents 5,421 732 855 Net cash and cash equivalents at beginning of period 1,175 320 320 --------- --------- ------------ Net cash and cash equivalents at end of period 6,596 1,052 1,175 --------- --------- ------------
Crimson Tide Plc
Notes to the Unaudited Interim Results for the 6 months ended 30 June 2021
1. General information and basis of preparation
Crimson Tide plc is a public company, limited by shares, and incorporated and domiciled in the United Kingdom. The Company has its listing on AIM. The address of its registered office is Oakhurst House, 77 Mt. Ephraim, Tunbridge Wells, Kent, TN4 8BS.
Basis of preparation
The condensed consolidated interim financial statements ("interim financial statements") have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting using accounting policies that are consistent with those applied in the previously published financial statements for the year ended 31 December 2020, which have been prepared in accordance with IFRS as adopted by the European Union.
The information for the period ended 30 June 2021 has neither been audited nor reviewed and does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.
The interim financial statements should be read in conjunction with the consolidated financial statements for the year ended 31 December 2020. 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.
Going concern
The financial statements are prepared on the going concern basis. The financial position of the Company, its cash flows and liquidity position are described in the interim financial statement and notes. The Company has the financial resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report.
2. Revenue and operating segments
The Group has two main regional centres of operation; one in the UK, the other in Ireland but the Group's resources, including capital, human and non-current assets are utilised across the Group irrespective of where they are based or originate from. The Board is the chief operating decision maker ("CODM"). The CODM allocates these resources based on revenue generation, which due to its high margin nature and the Group's reasonably fixed overheads, in turn drives profitability and cashflow generation. The Board consider it most meaningful to monitor financial results and KPIs for the consolidated Group, and decisions are made by the Board accordingly.
In due consideration of the requirements of IFRS 8 Operating Segments, the Board consider segmental reporting by (i) business activity, by turnover, and (ii) region, by turnover to be appropriate. Business activity is best split between (i) the strategic focus of the business, i.e. mobility solutions and the resulting development services that emanate from that, (ii) non-core software solutions, including reselling third party software and related development and support services, and (iii) hardware sales to existing customers.
Segment information for the reporting periods is as follows:
Unaudited Unaudited Audited 6 Months 6 Months 12 Months ended ended ended 31 30 June 30 June December 2021 2020 2020 Revenue by business activity Mobility solutions and related development 1,837 1,290 3,212 Software consultancy 178 255 330 Hardware sales - 225 - ------------ ------------ ------------ 2,015 1,770 3,542 ------------ ------------ ------------
Revenue can be further analysed by geographic reason as follows:
Unaudited Unaudited Audited 6 Months 6 Months 12 Months ended ended ended 31 30 June 30 June December 2021 2020 2020 Revenue by geographic region UK 1,855 1,640 3,233 European Union 140 118 275 Rest of the world 20 12 34 ------------ ------------ ------------ 2,015 1,770 3,542 ------------ ------------ ------------ 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 2021 2020 2020 Earnings per share Reported profit (GBP000) 286 257 734 Reported basic earnings per share (pence) 0.05 0.06 0.16 Reported diluted earnings per share (pence) 0.05 0.06 0.16 Unaudited Unaudited Audited 6 Months 6 Months 12 Months ended ended ended 31
30 June 30 June December 2021 2020 2020 No. 000 No. 000 No. 000 Weighted average number of ordinary shares Shares in issue at start of period 457,486 457,486 457,486 Effect of shares issued during 76,243 - - the period* ------------ ------------ ------------ Weighted average number of ordinary shares for basic EPS 533,729 457,486 457,486 Effect of share options outstanding 291 - 2,939 ------------ ------------ ------------ Weighted average number of ordinary shares for diluted EPS 534,020 457,486 460,425 ------------ ------------ ------------
*200 million ordinary shares were issued on 23 April 2021.
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END
IR UBUNRAWUKUAR
(END) Dow Jones Newswires
September 28, 2021 01:59 ET (05:59 GMT)
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