Crimson Tide expects year-end profits to double

Crimson Tide, the provider of mpro5 smart mobility as a service, expects profit after tax for the year ended 31 December 2016 to have doubled with revenue to be over £1.75m.

Mpro5 is an an enterprise class mobile business solution available on iOS, Android & Windows Phone 8.

Cash generation during the year has continued to be "strong" and is expected to be "significantly" higher than the year ended 2015.

In terms of contracts during the period, the company has secured its largest to date with a major UK supermarket. Aside from that, it has won a long term agreement with the National Centre for Hereditary Coagulation Disorders (NCHCD) in Ireland and an increased value contract extension with Interserve, the international support services and construction group.

The company also announced that its Technical Director Luke Jeffrey has been promoted to the deputy chief executive.

Executive chairman Barrie Whipp said: "We have continued to win profitable, cash generative business with high levels of visible, recurring revenue from major organisations. These contracts provide a very stable platform from which to continue to grow the business but also excellent reference sites for attracting new customers, which is always a key challenge for smaller companies.

"Our team has doubled in number in 18 months and we expect our results to show a doubling of profits for the second year in a row. This gives us the resources and confidence for sound strategic investments which will enable us to drive the business forward aggressively in 2017 and beyond."

The share price rose 10.71% to 3.10p at 1412 GMT on Wednesday.