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LONDON - Crimson Tide PLC (TIDE), known for its mpro5 process management application, has announced a change in its accounting reference date, moving the fiscal year-end from December 31 to April 30 following a strategic review. The company will release unaudited interim results for the six months ending December 31, 2024, by the end of May 2025 and expects to present audited financials for the extended 16-month period ending April 30, 2025, in September 2025.
The forthcoming second interim report is set to reflect one-time costs totaling approximately £0.5 million, associated with workforce reductions conducted in the latter half of 2024 and legal expenses related to interactions with Ideagen Limited. Additionally, the audited results for the 16-month period will include exceptional costs of around £0.5 million due to the unsuccessful merger attempt with Checkit Plc, which was not approved by shareholders. These results will also record a £1.0 million write-down on the value of the company’s intangible software assets and an adjustment of the amortization period from seven to six years.
In a further development, Crimson Tide indicated progress in the search for a new Non-executive Chair and promised to provide updates as the process advances.
This strategic shift comes amid a period of significant change for the company, which has been navigating challenges including a failed merger and restructuring efforts. The adjustments to the accounting calendar and the anticipated new leadership appointment signal Crimson Tide’s commitment to repositioning itself for future stability and growth.
The company, which offers the mpro5 app aimed at streamlining business processes, has provided this information based on a press release statement. The details are now publicly available and are being disseminated in accordance with UK market regulations.
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