- Interim Directors’ Statement

On 11 February, Crimsonwing published its Interim Directors’ Statement explaining that the Group is experiencing increased demand for its software and services solutions during the beginning of 2010 which augurs well for the new financial year, which starts in April 2010, as revenues from these new projects kick-in. Despite the recessionary effects which impacted the Group’s markets during 2009, Crimsonwing revenues compare favourably with the previous year’s figure, and overall profitability was positively impacted by the cost saving measures implemented early in 2009. The Directors noted that profits during the third quarter of their financial year between October and December 2009 were ahead of expectations on the back of good performances in UK and Malta. Consolidated EBITDA of the Crimsonwing Group during the third quarter amounted to €540,000.

The Directors also explained that the Dutch markets are now improving. Moreover Crimsonwing is opening a new branch in Eindhoven in order to capture new opportunities in the south of The Netherlands.

On the Microsoft Dynamics business, the Directors revealed that Crimsonwing (Malta) has managed to secure a number of projects from leading Maltese enterprises. Furthermore Crimsonwing Promentum (the Dutch subsidiary) will be setting up a new joint venture with Qurius Learning Solutions and the Partner Master Class. The new venture, to be name International Dynamics Partner Academy, will support and train Microsoft Dynamics partners in line with Microsoft’s new partner accreditation programme for 2010 and 2011. According to the Directors, the opportunities in this area are significant and pan-European.

Moreover, Crimsonwing reported that it is now registering strong demand for its e-business solutions in both the UK and the Netherlands.

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