Resultados preliminares al 31 de diciembre de 2023
HERENCIA
€33.90
16:40 06/05/24
Marea carmesí plc
("Crimson Tide" o "la Compañía")
Anuncio Preliminar de Resultados a 31 de diciembre de 2023
Crimson Tide plc ("TIDE"), the provider of mpro5, the process management app, is pleased to announce its unaudited preliminary results for the year ended 31 December 2023.
Aspectos financieros más destacados
· Crecimiento de los ingresos del 15 % hasta los 6.2 millones de libras esterlinas (2022: 5.4 millones de libras esterlinas)
· Operating profit increased by £0.8m to £0.4m (2022: £0.4m loss) returning to operational profitability
· Annual Recurring Revenue (ARR) stable at £5.8m, despite unavoidable churn
· El efectivo a final de año ascendía a 3.3 millones de libras esterlinas (2022: 3.6 millones de libras esterlinas)
Aspectos operacionales destacados
· Sensor-driven IoT contracts in US and NHS
· Expansion into utilities sector
· Significant technology upgrade completed
· Upsells and extensions strong
· Consolidación de acciones
Barrie Whipp, presidente ejecutivo de Crimson Tide, comentó:
"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."
Acerca de la Compañía
Crimson Tide plc is the provider of mpro5, the process management app. mpro5 is delivered on all modern devices and enables organisations to digitally transform their business and strengthen their workforce by smart mobile working. mpro5 is hosted in the cloud on Microsoft Azure. The Company's contracts are provided on a long term, contracted subscription basis and clients can immediately experience a return on their investment.
Crimson Tide's Annual Recurring Revenue (ARR) contracts are typically on an initial 36-month subscription basis, with many extending and expanding significantly beyond the initial contracted date. For further information, see mpro5.com and on Crimson Tide plc, crimsontide.co.uk.
Para más información, por favor póngase en contacto con:
Marea carmesí plc Barrie Whipp / Jacqueline Daniell/ Shaun Mullen
| +44 1892 542444 |
Cavendish Capital Markets (asesor designado y Broker) Julian Blunt / Dan Hodkinson - Finanzas corporativas Andrew Burdis - Corretaje Corporativo |
+44 20 7220 0500
|
Alma PR (relaciones públicas financieras) jose royston
|
+44 7780 901979
|
Declaración del presidente
The financial year to 31 December 2023 saw our robust long-term contracted revenue support us in a year that presented some unexpected financial challenges. Our mpro5 app has been significantly enhanced and is ready for further upgrade in the first half of 2024, whilst we have committed more to marketing and expanded our pipeline, alongside the implementation of a partner acquisition strategy.
Dealing first with the unexpected challenges, a large retail customer went into administration costing us some £360k in ARR. Secondly, a contract with a rail organisation came to an unexpected conclusion through a commercial cost-cutting exercise that we could not avoid. This led to churn being completely outside our norm of less than 5% and dented our ARR. The impact on full-year revenue was c£0.5m and there has been some impact on our forecasts. Despite this, the company increased revenue by some 15%, a creditable performance, and we returned to operating profitability, as planned. Cash was strong, ending the year at £3.3m and we have decided to invest approximately £1.25m in additional marketing and our mpro5 product within this year, with the goal of growing ARR, revenues and operating profit alike. We have seen a significant increase in our marketing "share of voice" already with leads being generated from this strategy for the first time.
mpro5 now has an upgraded front- and back-end, which should complete their rollout in Q3, 2024. We believe that our back-end investment will result in a more efficient use of data and compute time which should lower hosting costs and improve gross margin.
One significant element of mpro5's evolution has come with the contract with Cadent, one of the UK's largest utilities companies which, with a significant SAP integration, has taken 6 months to implement. The benefit of this is twofold; we can now access the utilities sector with a lighthouse client and our ability to offer full SAP integration has significant market opportunity. A contract win in the NHS has yet to be rolled out, however as a major user of sensor devices and with a complex array of internal process we believe this could provide a rich seam for us and highly additive to our existing healthcare proposition.
We were pleased to be able to announce our first client win by our US office during the year though the US operation remains in its infancy. Our focus on partner acquisition gives us optimism that our careful investment in the US will be rewarded. We have relationships with Meraki and Cisco, who have global footprints, and we are able to sell into their ecosystem through their partner channel.
To me, 2023 felt like a very frustrating year; however, growth in revenue by 15%, preservation of cash, and turning a £0.4m loss at the operating level into a £0.4m profit is a testament to how robust our revenue is, despite unavoidable churn. We continue to work hard and 2024 should see software upgrades that make mpro5 more saleable and efficient. We have enhanced our Board and intend to appoint COO Phil Meyers to the role of Group CEO shortly. Having been involved with process management and IoT at Inmarsat, Phil is committed to driving the business forward in the coming years.
Barrie RJ Whipp
Fundador y presidente
Declaración del director ejecutivo
The performance of Crimson Tide throughout 2023 has been the manifestation of the strong foundations built for sustainable growth. The continued growth in revenue is a result of the long-term commitment that we made to invest in the mpro5 product and delight customers.
In parallel, the sales and marketing team has been reorganised and rejuvenated to execute a more focused strategy based on the sectors where we have experience. Customer success plans and operations have been redefined under Phil Meyers' stewardship and this has elevated the "stickiness" of mpro5. The improvement in revenue and a return to operating profit have validated our investment and allowed us to structure the team more efficiently with more objective-based outcomes. An increase in net revenue retention from 100% to 101% exemplifies our commitment to our current customer base and our strategy of land-and-expand growth.
mpro5 is now a faster, more responsive mobile app with a rationalised technology stack behind it. The result is an operational cost saving together with an intuitive, flexible and accessible user experience. The next phase of capital expenditure enables wider integration, enhanced usability and the inclusion of limited AI to enable customers to benefit from additional automated scheduling and notification.
With an enhanced and restructured sales team, including a new Head of Partner Channel, we have been able to structure a partner channel including OEMs, MSPs and VARs to be able to firstly introduce their clients with a view to progressing to a channel-first strategy. In the future, specific packaged versions of mpro5 with self-serve onboarding will remove barriers to entry and streamline our route to market as well as shorten our sales cycle.
With an ever-growing pipeline, well-qualified deals, and products focused on key capabilities and markets with realigned management teams, Crimson Tide is now set on a very firm footing to achieve its growth targets.
jacqueline daniel
CEO
Financial Review,en
Indicador financiero | Año terminado el 2023 de diciembre | Año terminado el 2022 de diciembre |
£ 'm | £ 'm | |
Ingresos | 6.2 | 5.4 |
Margen de beneficio bruto | 86.2% | 83.5% |
Ganancia / (pérdida) operativa | 0.4 | (0.4) |
Pérdida antes de impuestos | (0.7) | (1.7) |
Ingresos recurrentes anuales (ARR) | 5.8 | 5.8 |
efectivo | 3.3 | 3.6 |
Ingresos
The Company's sustained focus on delivering long-term revenue at a high margin contributed to revenue growth of 15% (2022: 30%) of which 91% was recurring contracted revenue. Revenue churn of 16% (2022: 3.8%) was exceptional, primarily due to McColls falling into administration. This led to Annual Recurring Revenue (ARR) of £5.8m remaining flat when compared to the prior year. We expect churn to normalise in 2024. Gross profit margin of 86.2% (2023: 83.5%) remained well above the Board's 80% target rate and correlates with its focus on cost efficiency.
Flujo de caja y liquidez
Cash at year-end amounted to £3.3m (2022: £3.6m). Operational software efficiencies, a focus on working capital optimisation and streamlining of people and processes led to operating cash generation of £0.8m (2022: £0.7m cash outflow). This outlines management's commitment to creating a lean and efficient cost base.
Cuentas por cobrar comerciales
Trade receivables at year-end amounted to £0.9m (2022: £1.2m). The Group has a high-quality customer base with normally low delinquencies.
Deuda y costos financieros
Finance leases decreased to £0.7m (2022: £0.8m) in respect of the 5-year office lease in Tunbridge Wells. Finance charges of £52k (2022: £54k) primarily relate to the IFRS 16 recognition requirements of this lease.
Capitalización de activos intangibles
Software development costs of £1.0m (2022: £1.3m) were capitalised during the year. Software amortisation during 2023 amounted to £0.6m (2022: £0.8m). The amortisation period of the mpro5 intangible asset was reduced from 10 to 7 years in 2022. The value of the capitalised software intangible asset at year-end was £3.1m (2021: £2.7m).
Impuestos
No corporation tax charge has been included (2022: £nil) due to the tax loss for the year. The Company received an R&D tax rebate of £0.4m (2022: £0.4m).
Ganancias por acción
The average number of ordinary shares in issue during the year was 6,574,863 after a 100:1 share consolidation exercise in November 2023. Basic and diluted loss per share was 4.49p (2022: 18.91p).
Marea carmesí plc
Estado consolidado de pérdidas y ganancias no auditado |
| ||
PARA EL AÑO TERMINADO EL 31 DE DICIEMBRE DE 2023 |
| ||
2023 | 2022 | ||
Note | £000 | £000 | |
Ingresos |
| 6,155 | 5,351 |
El costo de ventas | (849) | (883) | |
Beneficio bruto |
| 5,306 | 4,468 |
Gastos administrativos | 2 | (5,932) | (5,838) |
Deterioro de activos intangibles | 2 | - | (264) |
Costos financieros | 2 | (52) | (54) |
Pérdida antes del gasto por impuesto a las ganancias |
| (678) | (1,688) |
Ingreso por gastos de impuesto | 3 | 383 | 445 |
Pérdida después del impuesto sobre la renta | (295) | (1,243) | |
| |||
Pérdida por acción |
| ||
Básico (peniques) | 4 | (4.49) | (18.91) |
Diluido (peniques) | 4 | (4.49) | (18.91) |
Estado consolidado no auditado del resultado global |
| ||
PARA EL AÑO TERMINADO EL 31 DE DICIEMBRE DE 2023 |
| ||
2023 | 2022 | ||
| £000 | £000 | |
Pérdida del año | (295) | (1,243) | |
Partidas que pueden clasificarse posteriormente en resultados |
| ||
Diferencias de cambio en la conversión de operaciones en el extranjero | 3 | (39) | |
Total utilidad / (pérdida) integral del año | (292) | (1,282) |
Estado de situación financiera consolidado no auditado |
| ||
A 31 DE DICIEMBRE DE 2023 |
| ||
2023 | 2022 | ||
| £000 | £000 | |
Activos |
| ||
Activos no corrientes |
| ||
Activos intangibles | 4,289 | 3,812 | |
Propiedad, planta y equipo. | 237 | 264 | |
Activo por derecho de uso | 571 | 703 | |
Total del activo no corriente |
| 5,097 | 4,779 |
| |||
Activos circulantes |
| ||
Cuentas comerciales y otras cuentas por cobrar | 1,250 | 1,646 | |
Efectivo y equivalentes de efectivo | 3,254 | 3,618 | |
Total de activos corrientes |
| 4,504 | 5,264 |
| |||
los activos totales | 9,601 | 10,043 | |
| |||
Pasivos |
| ||
Pasivo circulante |
| ||
Comerciales y otras cuentas a pagar | 1,398 | 1,460 | |
Pasivos por arrendamiento | 199 | 170 | |
Total pasivo corriente |
| 1,597 | 1,630 |
| |||
Pasivos no corrientes |
| ||
Pasivos por arrendamiento | 468 | 607 | |
Total pasivo no corriente |
| 468 | 607 |
| |||
Pasivos totales | 2,065 | 2,237 | |
| |||
Activos netos | 7,536 | 7,806 | |
| |||
Equidad |
| ||
Capital emitido | 657 | 657 | |
Compartir premium | 5,590 | 5,590 | |
Otras reservas | 462 | 493 | |
Reserva de adquisición inversa | (5,244) | (5,244) | |
Ganancias retenidas | 6,071 | 6,310 | |
Equidad total | 7,536 | 7,806 |
Estado consolidado no auditado de cambios en el patrimonio
A 31 DE DICIEMBRE DE 2023
|
Capital emitido |
Compartir premium |
Otras reservas |
Reserva de adquisición inversa |
Ganancias retenidas |
Total |
| £000 | £000 | £000 | £000 | £000 | £000 |
Consolidado | ||||||
Saldo al 1 de enero de 2022 |
657 |
5,590 |
481 |
(5,244) |
7,553 |
9.037 |
Ganancias del año
| (1,243) | (1,243) | ||||
Gastos de opciones sobre acciones | 51 | 51 | ||||
Movimiento de traducción | (39) | (39) | ||||
Saldo al 31 de diciembre de 2022 |
657 |
5,590 |
493 |
(5,244) |
6,310 |
7,806 |
Pérdida del año
| (295) | (295) | ||||
Opciones sobre acciones canceladas | (69) | 69 | - | |||
Gastos de opciones sobre acciones | 22 | 22 | ||||
Movimiento de traducción | 16 | (13) | 3 | |||
Saldo al 31 de diciembre de 2023 |
657 |
5,590 |
462 |
(5,244) |
6,071 |
7,536 |
Estado de flujos de efectivo consolidado no auditado |
| ||
PARA EL AÑO TERMINADO EL 31 DE DICIEMBRE DE 2023 |
| ||
2023 | 2022 | ||
| £000 | £000 | |
Proft/(loss) before taxation |
| (678) | (1,688) |
Ajustes para: | |||
Amortización de intangibles | 753 | 954 | |
Depreciación de propiedades, planta y equipo | 74 | 149 | |
Depreciación de activos por derecho de uso | 206 | 112 | |
Ganancias/(pérdidas) por conversión de moneda no realizadas | 3 | (39) | |
Pago interesado | 52 | 54 | |
Gastos de opciones sobre acciones | 22 | 51 | |
Flujos de efectivo operativos antes de movimientos en el capital de trabajo |
| 432 | (407) |
Aumento de cuentas por cobrar comerciales y otras | 396 | (567) | |
Aumento de cuentas por pagar comerciales y otras | (62) | 300 | |
Efectivo generado por operaciones |
| 766 | (674) |
Impuestos sobre la renta recibidos | 383 | 445 | |
Intereses pagados en efectivo | (52) | (54) | |
Efectivo neto de actividades operativas |
| 1,097 | (283) |
| |||
Flujos de efectivo de actividades de inversión |
| ||
Compras de propiedades, planta y equipo. | (47) | (246) | |
Compras de otros activos intangibles | (194) | (218) | |
Development of expenditure capitalised | (1,036) | (1,266) | |
Efectivo neto utilizado en actividades de inversión |
| (1,277) | (1,730) |
| |||
Flujos de efectivo de actividades de financiación |
| ||
Amortizaciones de empréstitos | - | (5) | |
Reembolsos del pasivo por arrendamiento | (184) | (100) | |
Efectivo neto utilizado en actividades de financiación. |
| (184) | (105) |
| |||
Aumento / (disminución) neto de efectivo y equivalentes de efectivo |
| (364) | (2,118) |
| |||
Efectivo y equivalentes de efectivo al inicio del ejercicio | 3,618 | 5,736 | |
Efectivo y equivalentes de efectivo al final del ejercicio |
| 3,254 | 3,618 |
Notas a los Estados Financieros Consolidados del ejercicio cerrado el 31 de diciembre de 2023
1) Políticas contables significativas
i. Basis of preparation
The preliminary results for the period to 31 December 2023 are unaudited. The consolidated financial statements of Crimson Tide plc will be prepared and approved by the Directors in accordance with applicable law and UK adopted International Accounting Standards.
ii. Basis of consolidation
Los estados financieros del Grupo consolidan los estados financieros de la Compañía y todas sus subsidiarias.
En una adquisición, los valores razonables se atribuyen a la participación del Grupo en los activos netos. Cuando el costo de adquisición exceda los valores atribuibles a dichos activos netos, la diferencia se trata como un fondo de comercio comprado, que se capitaliza y se somete a revisiones anuales de deterioro. Los resultados de las sociedades adquiridas se contabilizan desde la fecha de su adquisición.
iii. Revenue recognition
Los ingresos se reconocen por un importe que refleja la contraprestación a la que se espera que tenga derecho la entidad consolidada a cambio de transferir bienes o servicios a un cliente. Para cada contrato con un cliente, la entidad consolidada: identifica el contrato con un cliente; identifica las obligaciones de desempeño en el contrato; determina el precio de la transacción que tiene en cuenta el valor del dinero en el tiempo; asigna el precio de la transacción a las obligaciones de desempeño separadas sobre la base del precio de venta independiente relativo de cada bien o servicio distinto a ser entregado; y reconoce los ingresos cuando o a medida que se satisface cada obligación de desempeño de una manera que represente la transferencia al cliente de los bienes o servicios prometidos. Los ingresos de un contrato para prestar servicios se reconocen a lo largo del tiempo a medida que los servicios se prestan sobre la base de un precio fijo o una tarifa por hora.
2) Expenses
La pérdida antes del impuesto a las ganancias incluye los siguientes gastos específicos:
|
|
2023 £000 |
|
2022 £000 |
Depreciación |
|
|
|
|
Equipos, instalaciones y accesorios |
| 74 | 149 | |
Activos por derecho de uso de edificios |
| 206 | 112 | |
Depreciación total |
| 280 | 261 | |
|
| |||
|
2023 £000 |
|
2022 £000 | |
Amortización |
| |||
software de desarrollo |
| 587 | 505 | |
Software de desarrollo - deterioro |
| - | 264 | |
Costos incrementales del contrato |
| 166 | 185 | |
Amortización total |
| 753 | 954 | |
| ||||
Investigación y Desarrollo |
| |||
software de desarrollo |
| 62 | 62 | |
Total Research & Development |
| 62 | 62 | |
| ||||
Costos financieros |
| |||
Interest and finance costs paid on lease liabilities |
| 52 | 54 | |
| 52 | 54 | ||
| ||||
Remuneración de los auditores por: |
| |||
Servicios de auditoria |
| 50 | 45 | |
Honorarios totales de auditoría |
| 50 | 45 |
3) Taxation
The Group received an R&D tax credit of £407,123 during the year (2022: £445,534) and paid Corporation tax in Ireland of £11,350 and PSA tax in the UK of £12,890.
4) Loss per share
The basic loss per share has been calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of shares in issue during the period.
La pérdida diluida por acción se ha calculado dividiendo el beneficio atribuible a los accionistas ordinarios por el número medio ponderado de acciones que estarían en emisión, suponiendo la conversión de todas las acciones ordinarias potenciales dilutivas en acciones ordinarias.
La conciliación del número promedio ponderado de acciones utilizado en los cálculos se establece a continuación.
| Grupo procesos | |
| Año terminado 31 de diciembre 2023 | Año terminado 31 diciembre 2022 |
Pérdida por acción | ||
Pérdida reportada para el año (£000) | (295) | (1,243) |
Pérdida básica reportada por acción (peniques) | (4.49) | (18.91) |
Pérdida diluida reportada por acción (peniques) | (4.49) | (18.91) |
|
|
Año terminado 31 diciembre 2023 No. |
|
Año terminado 31 de diciembre 2022 No. |
Número medio ponderado de acciones ordinarias: |
|
|
|
|
Saldo de apertura |
| 6,574,863 | 6,574,863 | |
Número promedio ponderado de acciones ordinarias para EPS básico |
|
6,574,863 |
6,574,863 | |
Efecto dilutivo de las opciones en circulación |
| - | - | |
Número promedio ponderado de acciones ordinarias por EPS diluido |
|
6,574,863 |
6,574,863 | |
|
On 31 October 2023 the Company completed a 100:1 share consolidation exercise. Basic and diluted EPS were retrospectively adjusted in terms of the requirements of IAS 33 to achieve comparability.
At 31 December 2023 there were 131,000 (2022: 243,000) share options outstanding. These share options were not included in the calculation of diluted earnings per share because they are anti-dilutive in terms of IAS 33.
La información financiera expuesta anteriormente no constituye las cuentas estatutarias de la Sociedad para el año finalizado el 31 de diciembre de 2023. Los auditores han informado sobre las cuentas de 2022; su informe no tenía reservas y no contenía ninguna declaración conforme al artículo 498(2) o (3) de la Ley de Sociedades de 2006. Las cuentas legales para 2022, que se preparan de conformidad con las Normas Internacionales de Información Financiera, se finalizarán sobre la base de los estados financieros. información presentada por los directores en este anuncio preliminar y se entregará al Registro de Empresas después de la asamblea general anual de la Compañía. Las cuentas estatutarias auditadas se publicarán en el sitio web de la Compañía www.crimsontide.co.uk en junio de 2024.
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