On 24 November, Crimsonwing plc published its financial statements for the six months ended 30 September 2009. The results show a 4.2% decline in revenue to €6.02 million mainly due to the further weakening of Sterling against the euro. In fact, on a like-for-like exchange rate basis, Crimsonwing’s revenues increased by 2.5%. Despite the drop in actual consolidated revenues, the Crimsonwing Group generated a net profit of €151,224 which is a significant improvement over the loss of €102,365 registered in the comparative period of the previous year.
Despite the tough trading conditions faced by the Group’s subsidiaries especially in the UK and Netherlands, Crimsonwing reported that it managed to secure a new contract with a property management company and an increase in its e-business client base. During the Annual General Meeting held on 1 October, CEO Mr David Walsh indicated that the initial contract value of the property management company amounted to €500,000. Meanwhile Crimsonwing BV suffered a slow down in project work from one of its clients which is subject to a potential take-over by a major vendor. The Directors of Crimsonwing concluded that the Group is in an excellent position to take advantage of the anticipated second half recovery in the markets leading to a further improvement in the financial performance.
Download a copy of the Interim Consolidated Financial Statements.