Crimson Tide (GB:TIDE) has released an update.
Crimson Tide PLC reports a 15% revenue growth to £6.2m for the year ending December 31, 2023, achieving operating profitability with a £0.4m profit after a previous loss, despite challenges causing churn beyond the norm. The process management app provider, known for its mpro5 app, maintained a stable Annual Recurring Revenue (ARR) at £5.8m and ended the year with a cash balance of £3.3m. The company cites significant technological upgrades and expansion into new sectors, alongside a strong pipeline and partnerships, as key drivers for its positive performance.
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