Regulatory Story
Go to market news section View chart   Print
RNS
Crimson Tide PLC  -  TIDE   

Interim Results

Released 07:00 28-Sep-2018

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 (£1,201k v £1,114k)

 

·     Profit Before Tax £4k (1H 2017: £142k) after over £200k 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

6 Months

ended

30 June

2018


Unaudited

6 Months

ended

30 June

2017


Audited

12 Months

ended 31

December

2017



£000


£000


£000

 







 

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

6 Months

ended

30 June

2018


Unaudited

6 Months

ended

30 June

2017


Audited

12 Months

ended 31

December

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

6 Months

ended

30 June

2018


Unaudited

6 Months

ended

30 June

2017


Audited

12 Months

ended 31

December

2017



£000


£000


£000

 







 

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

As at

30 June

2018


Unaudited

As at

30 June

2017


Audited

As at 31 December 2017


£000


£000


£000

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








Total equity and liabilities

3,855


3,845


4,048


     


     


     

 



 

Unaudited Consolidated Statement of Changes In Equity at 30 June 2018

 


 

 

Share capital

 

 

Share premium

 

 

Other reserves

Reverse acquisi-tion reserve

 

 

Retained earnings

 

 

 

Total


£000

£000

£000

£000

£000

£000

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

6 Months

ended

30 June

2018


Unaudited

6 Months

ended

30 June

2017


Audited

12 Months

ended

31 December

2017


£000


£000


£000

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

6 Months

ended

30 June

2018


Unaudited

6 Months

ended

30 June

2017


Audited

12 Months

ended

31 December

2017


£000


£000


£000

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 £44,000 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

 6 Months

ended

30 June

2018

 

 

Unaudited

 6 Months

ended

30 June

2017

 

 

Audited

 12 Months

ended 31

December

2017

 

Earnings per share




Reported profit (£000)

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

 6 Months

ended

30 June

2018

 

 

Unaudited

 6 Months

ended

30 June

2017

 

 

Audited

 12 Months

ended 31

December

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
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


Interim Results - RNS