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Mobile tech firm Crimson Tide doubles profits as it gains record subscribers

By Chris Price

Mobile working business Crimson Tide doubled pre-tax profits to £122,000 in the first half of the year.

The technology firm, based in Tunbridge Wells, improved sales by a quarter to £845,000 as its mpro5 software gained a record number of subscribers, used in more than 15,000 sites in the UK and Ireland.

The AIM-listed company, which helps staff capture data in the field, increased earnings before interest, taxes and other charges to £281,000 in the first six months of the year, up 41%.

Crimson Tide's software allows staff to work and report to bosses away from the office

Crimson Tide's software allows staff to work and report to bosses away from the office

It comes after the firm announced a doubling of full-year profits in April, helped by contracts with Metro to distribute its newspapers and Brennans Bread to deliver its products across Ireland.

Operating margins before depreciation, amortisation and interest reached 33%, up from 29% in the first half of 2015.

Bosses hope a contract with Vodafone in Ireland will be expanded in the UK and overseas in the near future.

Shares were up more than 6% to 2.95p in early trading following the announcement.

Executive chairman Barrie Whipp said: “We have continued to build and grow mpro5 into, in our opinion, the leading full service mobility service for organisations. “We are expanding our team and our footprint and commencing an investment programme for further growth, both in our existing markets and overseas.”

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