GLOBAL demand for its mpro5 software has seen profits at the Tunbridge Wells-based firm Crimson Tide more than double in a year.
Profit before tax increased by over 100 per cent in the year ending December 31 2016, rising to £352,000 from £168,000 in 2015. Turnover also climbed 33 per cent to £1.86m during the same period.
Much of the growth was from orders overseas, with three new deals signed in the Middle East, a new partnership with Australian firm Mobilise IT and ongoing collaboration with US pharmaceutical companies.
Crimson Tide’s main product, mpro5, is an extremely versatile piece of mobile software effectively helps streamline a company’s back office functions by feeding through real-time data from staff on the ground that can be quickly analysed and recorded.
Organisations as diverse as the Metro Newspaper, St James’s Hospital in Dublin, Nestlé and local councils utilise the mobile-compatible software to track orders, file audits or monitor medication. In total, it is now in use in over 100,000 locations.
Speaking to the Times, Executive Chairman Barrie Whipp said: “We have had a tremendous year, with progress in all areas of the business. We have doubled our workforce over the past year and a half from 14 to 28 people as we invest in our expansion activities, which are being financed by our existing profitability and cash.”
He added the company was working on an updated version of the mpro5, which would have an improved user interface.
Mr Whipp also has a contingency plan if Brexit ends up making business harder for Crimson Tide in Europe, where it has a significant presence, which will involve moving his European billing address to its division in Ireland.
“We don’t particularly want to have to do that but we will if we have to. In the meantime we are just getting on with it.”