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Crimson Tide PLC on Monday reported a loss during its most recent, extended financial year, as the firm remains optimistic following three failed approaches for a takeover of the company. The Kent, England-based software developer said pretax loss for the 16 months that ended April 30 was £2.3 million, widened from £688,000 in 2023. The company changed its financial year-end to April 30 from December 31 following a strategic review in May. Revenue for the 16-month period rose 29% to £8.0 million from £6.2 million in 2023, while administrative expenses increased 58% to £9.3 million from £5.9 million. The firm recorded one-off expenses of £918,000 against none in 2023. Adjusted earnings before interest, tax, depreciation and amortisation more than doubled to £879,000 from £424,000. ‘After a highly challenging financial period, I am very confident that we have put in place an excellent executive team, and that they will restore stability to the group and establish the necessary foundations to deliver enhanced performance and to restore shareholder value over the coming years,’ said Non-Executive Chair Chris Fielding. Crimson Tide received two approaches for an acquisition of the company during the first half of 2024, neither of which proceeded. The firm then put forward a third proposition in February, which comprised an all-share merger with Cambridge, England-based workflow management software provider Checkit PLC. Shareholders, however, voted down the £6.5 million deal at a general meeting in March. Aborted takeover deal fees amounted to a one-off £480,000 cost for Crimson Tide. Chief Executive Officer Jon Clarke said: ‘The outlook for Crimson Tide is positive. While disruption from past corporate approaches, staff turnover and irregular customer churn presented challenges during the year, we are already seeing early impact from our new strategy. ‘Our outbound sales process is building a strong pipeline of enterprise targets across retail, food safety and facilities management. We have begun charging appropriately for professional services, delivering platform enhancements that drive customer value, and embedding measures to address the drivers of churn.’ Shares in Crimson Tide were down 5.0% at 56.51 pence in London on Monday morning. The stock is down 49% over the past year. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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