Crimson Tide PLC on Wednesday reported a higher loss in 2022 as an increase in expenses outpaced revenue growth.

The Kent-based software developer said pretax loss in 2022 widened to £1.6 million from £582,000 in 2021.

Revenue grew 30% to £5.4 million from £4.1 million. Administrative expenses, however, increased 44% to £6.0 million from £4.2 million. Cost of sales widened 36% to £857,000 from £631,000.

Citing its beepro mobile app, the company said: ‘Our beepro campaign had limited success in a trades market where the cost of living issues for nano-businesses meant that additional investment was less palatable than expected.’

Looking ahead, Crimson Tide’s Founder & Executive Chair Barrie Whipp said he anticipates for the company to benefit from investments in technology, people and marketing, with the firm expecting to increase its technology, marketing and international growth.

Crimson Tide shares were 3.7% lower at 3.03 pence each in London on Wednesday morning.

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