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Crimson Tide in Tunbridge Wells doubles pre-tax profits

By Chris Price

Pre-tax profits doubled at a logistics software company thanks to a major agreement with a supermarket.

Crimson Tide saw revenues increase 15% to £1.4 million for its mpro5 programme, which helps out-of-office staff synchronise their activities.

The Tunbridge Wells-based company, which helps Metro distribute its newspapers and Brennans Bread deliver its products across Ireland, made pre-tax profits of £168,000.

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

Earnings before interest, taxes and other charges were up 30% to £431,000.

It said contracted subscribers and subscriber revenues are at record levels thanks to a “landmark” supermarket agreement and the exploration of healthcare and geographic opportunities.

Founded in 1996 and listed on Alternative Investment Market of the London Stock Exchange since 2006, the company has undergone a capital reconstruction to allow it to pay dividends in the future.

Executive chairman Barrie Whipp said: “Crimson Tide had an excellent year by all measures in 2015.

Crimson Tide executive chairman Barrie Whip

Crimson Tide executive chairman Barrie Whip

“The contract for a leading supermarket that we had been working on for years came to fruition and we delivered ahead of schedule.

“We believe that mpro5 has become the de facto mobility service in facilities management and we continue to make strides in logistics, healthcare and other industries. We are very well placed for future growth.”

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