Crimson Tide Reports Narrowed Loss for First Half of the Year

Crimson Tide, a leading mobility solutions and software development services company, has announced a narrowed pretax loss for the first half of the year. The company’s revenue saw significant growth, driven by focused investments in marketing and sales.

Financial Highlights

For the six months ended June 30, Crimson Tide’s pretax loss stood at £471,000 ($576,551), compared to a loss of £860,000 in the same period last year.

The company’s revenue experienced a substantial increase of 31%, reaching £3.0 million from £2.3 million. Additionally, annual recurring revenue saw a growth of 35%, totaling £5.9 million.

Crimson Tide’s earnings before interest, taxes, depreciation, and amortization (EBITDA) showed a positive outcome, reaching £106,000. This is a notable improvement from the loss of £344,000 recorded previously.

Positive Outlook

Founder and Chairman, Barrie Whipp, expressed his optimism about the company’s performance. “We have experienced strong revenue growth, and we have returned to EBITDA profitability as planned. Annual recurring revenue has increased significantly, and our pipeline holds some very exciting opportunities,” Whipp stated.