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Crimson Tide, the smart mobile group, set for significant expansion after investing in its future

The tech group says it is investing to tap into larger opportunities
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IoT has now been incorporated into the group's mpro5 platform

Investment for future growth kept a lid on profits at smart mobile specialist Crimson Tide plc (LON: TIDE) last year, but now it is ripe for a big expansion.

The firm provides cloud-hosted mpro5, which enables organisations to transform their workforce by smart mobile working.

The platform, which now has IoT (Internet of Things) incorporated, can also help people with haemophilia, cholesterol issues and autism.

Over the last 18 months, the headcount has doubled and the firm has lifted investment in sales and marketing.

Last year, mpro5 was being used in 100,000 locations in the UK and Ireland - a figure, which has now doubled and it has expanded in to the Netherlands.

Significant opportunities

It also has two "significant" opportunities in healthcare.

An initial contract was inked with the National Health Service was signed last year for Addenbrookes Hospital. The firm is also now engaged with an NHS Trust where it will be providing mpro5 with time and attendance for hospital staff.

"In 2017 profitability was carefully maintained as we invested £350k in new staff and marketing, where we believe we will start to see benefits this year," said chairman Barrie Whip.

"Consequently it is not unreasonable to say that profits would have almost doubled if we had maintained our previous strategy and not invested in our future expansion.

"This, however, was not the best course to plot for shareholders as we see much larger opportunities ahead."

Pre-tax profit for the year came in at £359,000 versus £352,000 last year on revenue of £2.28mln, 22% higher than the £1.86mln seen in 2016.

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