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Rising demand for mpro5 boosts growth for Crimson Tide

10:00, 28th November 2023
Lauren Gibbons
Vox Newswire

Crimson Tide(TIDEFollow | TIDE, the company behind the field service management software platform mpro5, shared a trading update after its focus on profitability and customer success in the interim results until June 30, 2023. 

The demand for its services, driven by clients seeking efficiency through mpro5, has led to improved operational efficiency and an expected enhanced EBITDA for the current year, surpassing earlier predictions.

The company plans to reinvest gains in UK and US growth marketing and partner acquisition. Expected FY23 performance includes an EBITDA of at least £0.4m and a reduced Loss Before Tax of about £-0.7m. Its strategy aims to standardise mpro5 for various businesses, targeting growth through partner acquisition and direct sales to SMEs and larger enterprises.

Confident in future performance, bolstered by a strong balance sheet and a cash position of £2.8m, the Group remains focused on demonstrating robust growth in recurring revenues. Full-year results are slated for early April, with these numbers pending audit.

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Crimson Tide is a software company that provides mpro5, a software platform that delivers mobile workforce solutions for businesses. It helps businesses manage tasks and workflows, track assets and equipment, ensure compliance with regulations, and provide real-time reporting and analytics. The platform also enables better communication and collaboration between team members. 

This year, Crimson has been expanding its footprint in the US, signing a 3-year contract worth £0.25m in February. The contract will see mpro5 implemented in a building-wide IoT project in the customer's offices in San Francisco. Specifically, mpro5 will be used to initiate smart actions from sensor readings in the customer's offices, which will be the first wider implementation of mpro5 in the US. 

In the UK, Crimson has secured two contracts with NHS facilities this year. In April, the company announced the initial contract win with the NHS Trust in the South East of England for c.£250k, whereby the implementation of mpro5 would drive efficiencies and savings across the Trust's estates. Shortly after, Crimson won an additional 3-year contract with the NHS in May to add Internet of Things (IoT) sensors, taking the full contract value to over £0.5m.

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