Crimsonwing plc - Interim Directors’ Statement

Thursday, February 13th, 2014

On 13 February, Crimsonwing plc published its Interim Directors’ Statement updating the market on its performance during the three months ended 31 December 2013 which represent the third quarter of the Group’s financial year.

Following the 13.7% increase in revenues to €9.86 million registered during the first half of the financial year to 30 September 2013, Crimsonwing maintained a similar trend also during the third quarter. As a result, the Group’s revenue for the nine months ended 31 December 2013 amounted to €15.56 million representing a 16% increase over the previous comparable period. The Directors noted that the second half performance will be broadly similar to that registered in the first half and they expects to exceed the €20 million revenue target for the current financial year ending 31 March 2014.

The announcement also stated that the improved performance during Q3 was achieved from organic growth despite the challenges across the IT market. The Directors further noted that Crimsonwing is experiencing very strong demand across its eCommerce and Enterprise Resource Planning (ERP) propositions with some new engagements having significant international reach. Additionally, the Crimsonwing Group also has a strong pipeline for its own Dynamics solution.

During the period under review, Crimsonwing also revealed that it entered into a strategic agreement with Megabyte Limited (which is currently undergoing a business realignment) to take over the latter’s portfolio of clients operating on Microsoft-based enterprise solutions. Apart from the growth in Crimsonwing’s client base, this transaction will also extend Crimsonwing’s capabilities in the Microsoft Dynamics area.

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