On 26 July, Crimsonwing plc published the results for the financial year ended 31 March 2011. During the period under review, Crimsonwing registered a 16.5% increase in revenue to a record €14.3 million on the back of organic growth particularly in its e-commerce and Enterprise Resource Planning (ERP) businesses. In the Annual Report, the Directors explained that the Company is targeting to reach an overall sales figure of €20 million in the coming years.
The growth in turnover also filtered through gross profit which rose by 18.6% to €5.8 million with the gross profit margin likewise improving from 40.16% in the previous financial year to 40.9% during the period under review. Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) also grew by 30.1% to just under €0.75 million despite an 18.9% increase in administrative costs to €5.2 million which include one-time costs related to restructuring that took place in the Netherlands at Crimsonwing BV and VDA and the re-instatement of salaries to the Chairman and the Chief Executive Officer (CEO).
After accounting for a depreciation and amortisation figure of just over €440,000 and a net interest expense of €85,785, the Company’s pre-tax profit amounted to just over €0.2 million which represents a significant improvement over the previous year’s profit of €52,071. However after accounting for a tax charge of €210,262 and minority interest of €116,445, the loss attributable to shareholders amount to €109,135 compared to the loss of €19,217 in the previous financial year.
The directors did not recommend the payment of a dividend with respect to the period under review.
Download a copy of the 2011 Crimsonwing plc Annual Report
In a separate announcement, the Directors of Crimsonwing plc announced that during the first three months of the current financial year ending 31 March 2012, the Company continued to make good progress on the back of a further increase in demand for its solutions and services. In fact, the Directors revealed that during the first quarter (between April and June 2011), revenues grew by 23% to €3.8 million over the comparable period last year. Crimsonwing also maintained a positive outlook for the next quarter.