Mobile Data Solutions group Crimson Tide (AIM: TIDE) reiterated its confidence that it was making "great progress" in its drive towards profitability. Turnover rose 50% to £715,000 for the 6 months to June 30th 2007 and though EBITDA losses grew to £222,000, this was in-line with expectations as Crimson Tide's business model requires it to make a upfront capital investment in new contracts that then run for several years. Crimson Tide ended the period with £248,000 in cash.
Crimson Tide added that the second half of 2007 has started with good growth, that its Irish subsidiary had outperformed expectations, and that the company's sales team had been expanded to capitalise on additional opportunities.
"We have made great progress in the year to date and our customer base and revenues continue to grow. Our pipeline of new business is very exciting and I am confident of our future prospects". Added Barrie Whipp, Crimson Tide's Executive Chairman.