IN BRIEF: Crimson Tide sees evidence new strategy is working

Crimson Tide PLC - Kent, England-based software developer - Says it continues to see evidence of the impact of its new strategy, which is designed to result in sustainable growth. At the annual general meeting, Chair Chris Fielding says the performance ‘remains in line with the board’s expectations of re-establishing the foundations for growth in future years’. It says cash on October 29 amounted to £1.3 million, which it expects to largely maintain for the rest of the financial year to the end of April. The company says it is aligning its cost base for the business it anticipates conducting over the coming years.

Chair Fielding says: ‘We continue to focus on renewing existing customer contracts (having renewed three of our largest five already this year) and building a pipeline of enterprise targets across our focus areas of retail, food safety and facilities management, as well as focusing on reducing churn across our client base. I am delighted to report ongoing progress across each of these objectives.’

Current stock price: 61.60 pence, up 12% on Friday afternoon in London

12-month change: down 44%

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