Significant contract expansion and extension

RNS Number : 6808G

Crimson Tide PLC

17 November 2022

 

This announcement contains Inside Information

17 Nov 2022

Crimson Tide plc

("Crimson Tide" or "the Company")

Significant contract expansion and extension

Crimson Tide plc (TIDE), the provider of the mpro5 smart app solution, is pleased to announce a significant new and highly improved 3-year contract with an existing retail client. The contract, with a value of over £1m of high-margin revenue per annum, more than doubles the annual recurring revenue under the previous contract. The contract includes an optional break clause at month twenty-four, although it is important to note that, at the end of the new contractual term, the client's relationship and contracts with Crimson Tide will have exceeded ten years.

mpro5's value to the client has evolved from one single use case of the platform to over thirty processes across the organisation. mpro5 guides and records store-wide procedures and provides evidence for policies that support a wide range of compliance requirements. mpro5 is a full-service solution that also contributes to the client's staff and working practice efficiency and is used daily across its national estate.

Barrie Whipp, Chairman, commented: "If ever there was an exemplar of how mpro5 can demonstrate its value, this well-known retailer is a beacon. The expansion of use cases for our platform and associated long-term contracted revenue go hand in hand. At the same time, our values of partnership, dynamism and teamwork have established mutual trust with the client. Our exceptional team continues to seek further efficiencies by evolving mpro5 to provide innovative solutions to both existing and anticipated requirements.

"We continue to add high quality, contracted annual recurring revenue as we increasingly expand our footprint by sector and internationally. The enterprise solutions we deliver drive efficiency, which is vital in today's economy. Accordingly, the Board believes them to be compelling and ripe for further growth."

For further information, please contact:

Crimson Tide plc	Via Alma PR
Barrie Whipp / Jacqueline Daniell / Peter Hurter
finnCap (Nominated adviser and Broker)
Corporate Finance: Julian Blunt / Milesh Hindocha	[phone]
Corporate Broking: Andrew Burdis	[phone]
Alma PR - (Financial PR)
Josh Royston / Will Ellis Hancock	[phone]

Crimson Tide provides mpro5, the Smart App Solution. For further information, see mpro5.com and on Crimson Tide plc, crimsontide.co.uk

 

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