Crimson Tide PLC on Tuesday said it expects a narrower yearly loss as clients are turning to its mpro5 offering for efficiency drives.

The Kent, England-based software developer and provider of the mpro5 workforce management offering said that for 2023, it expects a pretax loss of around £700,000, narrowed from £1.7 million in 2022.

‘We have seen continued interest in our services, driven by clients’ impetus towards more efficient environments using mpro5 to verify, audit and improve their processes,’ the company said.

Further, it expects revenue to be in line with its own current expectations of £6.2 million, up 16% from £5.4 million in 2022.

‘The group is continuing to deliver its objective to build a high growth long-term software-as-a-service business with strong recurring revenues. The sectors in which we operate have been focused on facilities management, retail and food service, allowing us to deliver at scale,’ Crimson Tide said.

It added: ‘By partially reinvesting the gains achieved, we believe that we are strongly placed and on track to ensure we achieve sustained growth for the business going forward. The directors remain confident in future performance and believe that our ability to scale the business has never been greater. This is underpinned by a robust balance sheet, strong pipeline of new business and increasing visibility.’

Crimson Tide shares rose 11% to 158.80 pence each on Tuesday afternoon in London.

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