Crimson Tide PLC on Monday reported a jump in revenue and narrowed loss in 2023, as it promoted its chief operating officer to the role of chief executive officer.

Crimson is a Kent, England-based software developer and provider of the mpro5 solution.

In 2023, revenue jumped 15% to £6.2 million from £5.4 million a year earlier.

Annual recurring revenue was stable at £5.8 million in the year.

Its pretax loss narrowed to £700,000 from £1.7 million.

Chair Barrie Whipp commented: ‘In a year with some unexpected challenges, our robust long-term contracted revenue and high margin helped us grow by 15% and return to operating profitability. We are well positioned to leverage top line growth with a steady operating base and mpro5 is in great shape to present to our pipeline and partners.’

Separately, the company announced that its CEO will relinquish he role and become deputy chair, while promoting its COO to become the CEO successor.

It said Phil Meyers has been appointed to the board as CEO, having joined the company in August last year as COO, a role in which ‘he has made an immediate impact’.

Crimson Tide said the now-previous CEO Jacqueline Daniell will remain on the board and take up the newly created role of non-executive deputy chair, and will focus on assisting the company’s efforts in marketing, growth and investor relations.

‘Phil has demonstrated the ability to lead the company into its next period of growth and innovation. More importantly he has gained the trust of the board and staff and I endorse him wholeheartedly,’ said Chair Whipp.

‘Jacqui will now be able to use her extensive experience in marketing, growth and investor relations to help us with our expansion strategy. I will focus on product innovation and international opportunities.’

Shares in Crimson Tide were up 0.3% to 155.50 pence each in London on Wednesday morning.

Copyright 2024 Alliance News Ltd. All Rights Reserved.