A mobile-working software company suffered a 5% slip in its share price after it said it expects profits to remain the same when it reports its annual results for 2017.

Crimson Tide, based in Tunbridge Wells, fell to 2.85p a share despite saying it expects revenues to have grown 23% to £2.3 million.

The business has doubled its headcount over the last 18 months amid a surge in demand for its mpro 5 software.

Used on smartphones and tablets, the programme allows staff and their superiors to manage their work while they are on the road.

The company, which is listed on the London Stock Exchange's AIM market, said the increased cost associated with its growth in demand meant pre-tax profits would be similar to 2016.

Valued at about £13.6 million, Crimson Tide has been funding investments in the Middle East, Northern Europe and the USA.

The firm aims to launch new developments to its software related to the internet of things (IoT) during this quarter.

It is also making its first inroads into the NHS, where it says there is "enormous scope for mpro5 to assist in areas from facilities management to patient care".

It has no core debt and has about £750,000 in cash in the bank.

Executive chairman Barrie Whipp said: "The directors are very encouraged by our growth and believe that we should continue to pursue aggressively the opportunities we have developed.

"The board has targeted growth at the top-line level while continuing to plough a proportion of profits back into the business.

"Our IOT module, combined with our geographic expansion, offers tremendous upside.

"We are also seeing traction in Northern Europe and the Middle East and I am confident that these opportunities will increase this year with both existing and new clients. The directors are very optimistic for the future."