RNS Number : 4534P
Crimson Tide PLC
10 October 2023
 

 

10 October 2023

Crimson Tide plc

("Crimson Tide" or "the Company")

Contract increases and extensions

 

Crimson Tide Plc (TIDE) ("Crimson Tide" or "the Company"), the provider of the mpro5

solution, extends its reach into educational catering and the Irish Government with additions and extensions to existing contracts.

 

The Company has been working with one of the UK's leading educational catering providers since late 2021 to digitise food safety logbooks, saving them time and money, reducing errors, and improving food safety compliance. Initially piloted in 50 locations, this increased to 650 in January 2022 and has now been extended to 950 sites across the UK. This latest expansion represents a 50% increase to the MRR of the contract and takes the total contracted revenue, which still has 20 months to run, to £270k. This deal, combined with those for other educational catering companies, takes our total footprint to over 3000 sites in the UK, which represents 10% of all education institutions, and means mpro5 is used to help deliver over 150 million school meals every year.

 

In addition, the Company is pleased to report a new contract with an existing government body in Ireland that includes a 56% increase in MRR, raising the total value of the new 3-year contract to over ?460k. The inclusion of new features in this instance of mpro5 extends its reach into more departments, reducing the time spent manually logging and reporting tasks and activities, and improving operational efficiency.

 

Barrie Whipp, Chairman of Crimson Tide plc, commented:

 

"Clients extending and expanding their partnership with mpro5 reinforces the value we add to our clients and the benefits they see across their organisations. Building long term relationships with customers, in multiple sectors, supports our message that mpro5 is a scalable solution that can be tailored to many client needs in compliance, auditing and verification."

 

 

Enquiries:

Crimson Tide plc +44 1892 542444

Barrie Whipp / Jacqueline Daniell / Shaun Mullen

 

Cavendish Capital Markets Limited (Nominated Adviser and Broker) +44 20 7220 0500

Julian Blunt / Dan Hodkinson, Corporate Finance

Andrew Burdis, Corporate Broking

 

Alma PR (Financial PR) +44 7780 901979

Josh Royston

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
CNTMLBJTMTTMBRJ