Crimson Tide reports solid 2022 financial, operational performance

12th Apr 2023 14:19

(Sharecast News) - Crimson Tide reported a solid financial and operational performance in its unaudited preliminary results for 2022 on Wednesday.

The AIM-traded company reported a 30% year-on-year increase in revenue, reaching £5.4m.

Annual recurring revenue rose to £5.75m, up from £3.8m in the prior year.

However, the firm did report an EBITDA loss of £0.3m, following its investment in people, platform, and marketing, compared to a breakeven EBITDA result in 2021.

Crimson Tide said its cash balance at year-end totalled £3.6m, down from £5.7m in 2021.

On the operational front, the company reported significant contract wins in the retail and utilities sectors.

Crimson Tide also announced the integration of internet-of-things (IoT) capabilities into smart workflows, as well as the establishment of a US pipeline.

"In 2022, we grew our key metric of annual recurring revenue to £5.75m - a record, and substantially ahead of the previous year," said executive chairman Barrie Whipp.

"We saw the height of the deployment of the capital raised in 2021, and all departments of the company benefited from fresh investment in technology, people and marketing.

"As we see the results of these investments, we expect our ability to scale domestically and internationally to increase our technology, marketing and international growth."

Whipp said the firm's team had scaled, adding that in 2023, the most significant upgrades to its technology since the original mpro5 would be completed.

"Our investments in IoT and the United States should allow us to deliver further growth in annual recurring revenue, and we are pursuing a partner-led strategy to optimise our opportunities."

At 1400 BST, shares in Crimson Tide were up 1.27% at 3.19p.

Reporting by Josh White for Sharecast.com.