By Najat Kantouar
Shares of Crimson Tide fell 15% in early trade on Monday after the company said its second-half performance will be tempered by a customer going into administration, although it still expects revenue to grow.
Shares at 0716 GMT were down 0.35 pence at 1.85 pence.
The mobility-solutions and software-development services company reported a pretax loss for the first half ended June 30 of 471,000 pounds ($576,551) compared with a loss of GBP860,000 for the same period a year earlier.
Revenue rose by 31% to GBP3.0 million from GBP2.3 million while annual recurring revenue increased by 35% to GBP5.9 million. These metrics are expected to grow around 20% in the second half, it said.
Earnings before interest, taxes, depreciation and amortization–a company-preferred metric–were GBP106,000 compared with a loss of GBP344,000.
“We have experienced strong revenue growth, and we have returned to Ebitda profitability as planned. Annual recurring revenue has increased significantly, and our pipeline has some very exciting opportunities,” Founder and Chairman Barrie Whipp said.
Write to Najat Kantouar at [email protected]
Read the full article here