Crimson Tide PLC Contract increases and extensions (4534P)
10 October 2023 - 5:00PM
UK Regulatory
TIDMTIDE
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
GBP270k. 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 EUR460k. 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
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END
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