Crimsonwing plc - Quote

Crimsonwing plc - Profile

Crimsonwing plc was incorporated as a public limited company on 29 August 2007.  It is a holding company with:

• 99.9% of the issued share capital of Crimsonwing (Malta) Limited;

• 100% of the issued share capital of Crimsonwing Group Limited;

• 100% of the issued share capital of Crimsonwing Limited;

• 100% of the issued share capital of Crimsonwing BV;

• 100% of the issued share capital of VDA Informatiebeheersing BV;

• 51% of the issued share capital of Promentum Holding BV.

The principal activities of the Crimsonwing Group consist of providing IT based solutions to meet clients’ business needs through three main solution areas: (i) Enterprise Resource Planning and Customer Relationship Management solutions; (ii) Custom Developments and (iii) E-Business Solutions (Intershop). The Group’s key clients include Morrisons, Lloyd’s Register, Kingfield Heath, Williams Lea, Bell Microproducts, Fraser Eagle, Incisive Media and others.

Crimsonwing Malta, Crimsonwing Limited and Crimsonwing BV are responsible for attracting business within the Crimsonwing model in Malta, the United Kingdom and Netherlands respectively. The Company’s clients predominantly originate from the United Kingdom and the Netherlands but deliver the majority of services from the Malta base. Crimsonwing financials are in euro, however 75% of March 2008 revenues are derived from the United Kingdom in Sterling. With growing euro-denominated expenses and high sterling revenues, the Company is vulnerable to Sterling weakness against the euro. However, through recent acquisitions in the Netherlands, Crimsonwing expects to increase its euro revenues from the current 25% to 50% by March 2009.

The unique selling point of the Crimsonwing Group business model has been the establishment of a solution centre in Malta which has now been developed as the predominant hub of its business model. The Malta solutions centre has proven to be successful for various reasons including the lower cost base of execution, easy accessibility, excellent communication and business skills and loyalty of the workforce.

In July 2007, Crimsonwing Limited entered into an agreement with Peracto Solutions Limited whereby it acquired one of the Microsoft Dynamics Software and Services business divisions for a maximum consideration of GBP275,000. Furthermore, in September 2007, Crimsonwing plc acquired 51% of Promentum Holding BV for a consideration of up to EUR1.2 million. Crimsonwing has an option to acquire the remaining 49% after 3 years at a pre-agreed multiple. Promentum is a supplier of consultancy services to Microsoft partners specialised in Microsoft Dynamics AX primarily based in the Netherlands.

In January 2008, Crimsonwing plc commenced operations in the United States of America (U.S.A.) through Crimsonwing LLC which is 100% owned by Crimsonwing’s subsidiary Crimsonwing Promentum BV. Crimsonwing LLC is strategically situated close to Microsoft’s Head Office in Washington and will be offering Microsoft Acamdemies (for Dynamics) in a business to business model to new Microsoft partners across the U.S.A. In August 2008, Crimsonwing LLC attracted a new major client – Divestco Geomatics with a project valued at US$1 million.

On 10 June 2008, Crimsonwing plc, in line with its stated objectives published in its IPO prospectus, fully acquired VDA Informatiebeheersing BV (a Dutch IT software and services business), for a total consideration of €1.9million. VDA has 16 years experience together with a client set of over 60 clients, mainly composed of companies in the media and publishing sector, including CAIW which is the fourth largest cable company in The Netherlands. The revenue streams of VDA, amounting to €3.4 million annually, mainly originate from its professional services and also from licenses and maintenances fees pertaining to its proprietary ERP solutions. VDA is a Microsoft Dynamics partner (a key solution also offered by Crimsonwing) and its Media and Publishing verticals make an excellent strategic fit with Crimsonwing UK’s business. This acquisition also significantly enhances Crimsonwing’s presence in the Dutch market.

The Crimsonwing Group is actively seeking further foreign acquisitions to accelerate its growth mainly by identifying companies operating within the Microsoft technology market. Through the effective use of its business model and the various strategic investments and acquisitions, the Group has consolidated its position within the United Kingdom and the Netherlands and has opened up new business opportunities in the DACH market (Germany, Austria and Switzerland) through Promentum’s subsidiary in Austria.

The Directors of Crimsonwing plc are: Philip Crawford (Chairman), David Walsh, James Bonello, Albert Muscat and Louis de Gabriele (Company Secretary).

Share Capital

On 4 January 2008, 26,000,000 shares of Crimsonwing plc a nominal value of EUR0.10 each were admitted to the Official List of the Malta Stock Exchange following a Combined Offering of 6,747,134 shares at a price of €0.50 per share.

Crimsonwing plc - Financials

Crimsonwing plc Interim Accounts

Crimsonwing plc Final Accounts

News for Crimsonwing plc

Crimsonwing plc - Downloads

• Crimsonwing plc - Annual Report & Financial Statements - 31 March 2010 (1.0 MiB, 7 hits)
• Crimsonwing plc - Annual Report March 2009 (2.4 MiB, 181 hits)
• Crimsonwing plc - Presentation to Stockbrokers July 2009 (1.7 MiB, 87 hits)