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Crimson Tide

  • BY: Andrew Hore |
  • POSTED: 11/08/2009 |

Crimson Tide reduced its interim pre-tax loss from £159,000 to £35,000 in the six months to June 2009.

This was despite a decline in revenues from £902,000 to £753,000. However, costs fell further than revenues. The company was hit by a downturn in its Irish business.

Crimson Tide provides remote access to e-mails and mobile field sales systems via handheld computers and mobile phones. The majority of income comes through monthly subscriptions that typically last for three years so it is recurring in nature.

According to the cash flow statement net debt was £55,000 at the end of June 2009. Management says that the lack of availability of debt has hampered growth.

A new mobile platform has been developed with Microsoft. Software development will help to improve margins.

At 1.48p a share, Crimson Tide is valued at £4.71m. The bid/offer spread of the shares is 1.25p/1.7p. The share price has more than doubled in the past six months but it is still just short of the 1.5p a share warrant subscription price. The warrants expire on 19 August and 21 August so there arenít many days left.

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