- Interim Directors’ Statement

On 29 July Crimsonwing published its March 2009 full-year results and also issued its Interim Statement covering the first quarter of their financial year from April to June 2009.

During the year ended 31 March 2009, the Crimsonwing Group reported a loss of €0.6 million. The results were mainly impacted by the weakness of sterling against the euro, the loss incurred by Crimsonwing VDA of €270,258 and a bad debt of €140,000 which was written off following the bankruptcy of one of its clients, Fraser Eagle.

However in the Interim Statement for the period April to June 2009, the Directors explained that the Group achieved its performance objectives and is on track to meet its targets set for the financial year ending 31 March 2010. First quarter profits were ahead of expectations with earnings before interest, tax, depreciation and amortisation (EBITDA) at circa €150,000. The Group reassured investors that all business units (including Crimsonwing VDA) were profitable during the first quarter. Total revenue increased by 10% to €2.7 million. The Directors concluded by stating that although trading conditions remain weak, the Group has added new clients during the first quarter and by controlling their overheads, Crimsonwing has returned to a good level of profit performance.

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