Crimson Tide wins new contract, renews several more

4th May 2023 12:57

(Sharecast News) - Mobile workforce solutions specialist Crimson Tide announced a new contract win with an NHS trust on Thursday.

The AIM-traded firm said the contract involved the implementation of internet-of-things (IoT) sensors to enhance the capabilities of its 'mpro5' solution, and enable more efficient use of staff and facilities within the trust.

It said the 36-month contract would be valued at around £0.3m, taking the total contract value to more than £0.5m over the three-year term.

In addition to the new contract win, Crimson Tide also reported the renewal of several long-term contracts.

In the past three months, four long-term clients had renewed their contracts, and expanded their use of mpro5's solutions, adding more users and use cases.

The combined total of secured contracted revenue from the renewals was in excess of £0.65m, and all four clients would have been subscribers for over a decade at the end of their new contracts.

"We are very pleased to add mpro5's sensor driven actions to our initial contract with this NHS trust, which we believe will drive direct savings and improvements across its estate," said chairman Barrie Whipp.

"Our goal is to work with the trust to establish a repeatable series of processes and procedures that drive compliance and efficient use of staff and facilities.

"As can be seen from our recent renewals, which demonstrate a wide range of use cases, our goal is to ensure our clients trust us for the long term and use mpro5 to provide an increasing range of solutions."

At 1201 BST, shares in Crimson Tide were up 1.79% at 3.16p.

Reporting by Josh White for Sharecast.com.