Crimson Tide scores additions and extensions to existing contracts

10th Oct 2023 10:00

(Sharecast News) - Software firm Crimson Tide said on Tuesday that it had extended its reach into educational catering and the Irish Government with additions and extensions to existing contracts.

Crimson Tide has been working with "one of the UK's leading educational catering providers" to digitise food safety logbooks. Initially piloted in 50 locations, this increased to 650 in January 2022 and has now been extended to 950 sites across the UK.

The AIM-listed company said the latest expansion represented a 50% increase in the monthly recurring revenues of that contract, taking the total contracted revenue, which still had 20 months to run, to £270,000.

In addition, Crimson Tide reported a new contract with an existing government body in Ireland that included a 56% increase in MRR, raising the total value of the new three-year contract to over €460,000.

Chairman Barrie Whipp said: "Clients extending and expanding their partnership with mpro5 reinforces the value we add to our clients and the benefits they see across their organisations.

"Building long-term relationships with customers, in multiple sectors, supports our message that mpro5 is a scalable solution that can be tailored to many client needs in compliance, auditing, and verification."

As of 1000 BST, Crimson Tide shares were up 9.30% at 2.02p.

Reporting by Iain Gilbert at Sharecast.com