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Crimson Tide in Tunbridge Wells expects higher pre-tax profits

By Chris Price

A mobile-working software developer expects pre-tax profits to be higher than market expectations thanks to new subscribers.

Crimson Tide, based in Tunbridge Wells, said its bottom line should be significantly higher than last year.

Shares were up nearly 26% to £3.52 each following the announcement.

The mpro5 software allows clients to track deliveries and find out expected arrival times
The mpro5 software allows clients to track deliveries and find out expected arrival times

In October, it revealed it had more than doubled profits to £60,000 in the first half of the year after winning contracts like distributing The Evening Standard.

The firm is behind the mpro5 system, which businesses use to synchronise cloud-based software with their staff’s smartphone or tablet, allowing them to work outside the office.

The firm said turnover is expected to be in line with market expectations, with robust trading in the early part of this year.

Executive chairman Barrie Whipp said: “The company made significant strides in 2015, which was demonstrated by growth in subscribers, profits and contracted future revenues.

“We have created real traction in our market and have become the service provider of choice for many blue chip organisations.

“We are looking forward to driving the business forward and have exciting opportunities in front of us.”

Crimson Tide was founded in 1996 and listed on the London Stock Exchange in 2006.

The company launched its mpro applications in 2004 and the mobile business systems have since become the firm’s main focus.

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