23rd Jan 2024 11:16
(Alliance News) - Crimson Tide PLC on Tuesday said its full-year revenue has edged up 15% and it is "well positioned" for growth.
Crimson is a Kent, England-based software developer and provider of the mpro5 workforce management offering. Shares in the company were up 4.9% to 181.00 pence each in London on Tuesday morning.
Crimson said it expects its earnings before interest, tax, depreciation and amortisation to be no less than GBP400,000 in 2023, compared to a loss of GBP400,000 a year ago. It said that this exceeds the board's expectations.
Turnover is expected to be GBP6.2 million, up 15% annually.
Looking ahead, Crimson said it is "well positioned" for growth in 2024 "and beyond."
"Our operational and management team is well set; therefore, employee growth is now mostly expected in the sales team, focusing on partner acquisition in the UK & US. Investment in marketing will also increase in FY24, without affecting anticipated profitability, enabling us to scale domestically and internationally," it added.
Full-year results are expected to be published in April.
By Sophie Rose, Alliance News senior reporter
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