Our latest financial results for the period ending on December 31st, 2023, were unveiled to the market yesterday and have been met with positive reception, garnering attention from various market publications. Despite the challenges faced in 2023, we stand strong.
Financial Highlights:
- Recorded a remarkable 15% increase in revenue, reaching £6.2 million (compared to £5.4 million in 2022)
- Operating profit surged by £0.8 million, turning a previous loss of £0.4 million into operational profitability
- Annual Recurring Revenue (ARR) remained steady at £5.8 million, despite some unavoidable churn
- Cash reserves stood at £3.3 million at year-end (compared to £3.6 million in 2022)
Operational Highlights:
- Secured sensor-driven IoT contracts in the US and NHS
- Expanded into the utilities sector
- Successfully completed a significant technology upgrade
- Strong performance in upsells and extensions
- Implemented a share consolidation
Barrie Whipp, Executive Chairman of Crimson Tide, expressed, "Despite facing unforeseen challenges this year, our resilient long-term contracted revenue and high margins propelled us to a 15% growth and a return to operating profitability. With a solid operational foundation, we are well-positioned to capitalize on top-line growth, and mpro5 is primed for presentation to our pipeline and partners."
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