Crimson Tide plc (LON:TIDE), a leading service provider of mobility solutions for business, has today announced its unaudited preliminary results for the year ended 31 December 2017.
· Turnover up 22% to £2.28m (2016: £1.86m)
· Profit Before Tax before exceptional item £359k (2016: £352k) after significant investments in future growth
· Strong cash position
· mpro5 in use in over 200,000 locations
· Geographic expansion underway
· Internet of Things (IoT) now incorporated into mpro5
Barrie Whipp, Executive Chairman of Crimson Tide Plc, commented: “We are very excited by the early results of our continuing growth strategy. In 2017 profitability was carefully maintained as we invested £350k in new staff and marketing, where we believe we will start to see benefits this year. Consequently it is not unreasonable to say that profits would have almost doubled if we had maintained our previous strategy and not invested in our future expansion. This, however, was not the best course to plot for shareholders as we see much larger opportunities ahead. We will continue to invest in 2018, allowing us to be more ambitious for future growth in our core markets but also in new geographic locations. Our aim is to grow the Company more significantly in the coming years and we are establishing a base to manage that expansion.”