Mobile data and software services provider Crimson Tide moved into profit in 2010.
A loss of £67,000 was turned into a profit of £7,000 as revenues grew 3% to £1.51m as more money was generated from higher margin operations. Revenues are being developed outside of the UK and Ireland. Contracted revenues have increased substantially and more subscribers than ever have been signed up in the first quarter.
Crimson Tide’s mpro software is used to record the delivery of more than 1m copies of the Metro newspaper.
A trust where Crimson Tide’s chief executive Stephen Goodwin is a trustee provided a debt facility of up to £300,000 in August 2008. It had the option to convert up to 50% of the debt into shares. The trust is purchasing 7.5m shares at 1p each. The rest of the remaining loan of £212,000 will be repaid. That leaves Crimson Tide with debt of £30,000 following January’s £500,000 cash raising at 1p a share.
At 1.45p a share, the current share capital is worth £6.35m.
Crimson Tide recently appointed WH Ireland, a former adviser to the company when it was known as A Cohen, as nominated adviser and broker.
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