Crimson Tide PLC on Tuesday said its full-year revenue has edged up 15% and it is ‘well positioned’ for growth.

Crimson is a Kent, England-based software developer and provider of the mpro5 workforce management offering. Shares in the company were up 4.9% to 181.00 pence each in London on Tuesday morning.

Crimson said it expects its earnings before interest, tax, depreciation and amortisation to be no less than £400,000 in 2023, compared to a loss of £400,000 a year ago. It said that this exceeds the board’s expectations.

Turnover is expected to be £6.2 million, up 15% annually.

Looking ahead, Crimson said it is ‘well positioned’ for growth in 2024 ‘and beyond.’

‘Our operational and management team is well set; therefore, employee growth is now mostly expected in the sales team, focusing on partner acquisition in the UK & US. Investment in marketing will also increase in FY24, without affecting anticipated profitability, enabling us to scale domestically and internationally,’ it added.

Full-year results are expected to be published in April.

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