Crimsonwing issued their Interim Directors’ Statement on 14 August 2008 in which the Directors explained that during the first quarter of their financial year (April to June 2008), the Group achieved its performance objectives.
The Directors further commented that:
(i) the Crimsonwing Group registered a 72% increase in revenue compared to the first quarter of 2008 as a result of strong performance across all the companies and geographies;
(ii) first quarter profits are in line with expectations;
(iii) the Group reduced its exposure to fluctuations in the exchange rate between the Sterling and the euro through the acquisition of VDA. This acquisition will increase the proportion of revenues in euro to over 50% of total Group revenues.
As such, the Directors stated that there is no reason to believe that the Group will not reach its targets for the year ending 31 March 2009.