Crimsonwing plc – Interim Directors’ Statement

Rizzo Farrugia Consulting

On 14 February, Crimsonwing plc issued its Interim Directors’ Statement to update the market on its performance since the half-year ended on 30 September 2012. The Group reported that it maintained very good progress on sales and service delivery across all its markets with revenues for the 10-month period from 1 April 2012 to the end of January 2013 up 19% to €14.9 million. As a result, the Group expects its second-half profits (1 October 2012 to 31 March 2013) to be broadly similar to those registered in the first-half of the financial year when Crimsonwing recorded pre-tax profits of €0.55 million.

Operationally, Crimsonwing continued to invest in some of its solution propositions. Most notably, Crimsonwing became one of the first companies to achieve the ‘Certified Software Advisor’ for Dynamics AX solutions – a certification higher than the ‘Gold’ status – given the additional investment in certified consultants and its expertise in this field. Moreover, the Crimsonwing Group has the largest number of accredited Magento (an open source e-commerce solution owned by eBay) developers in Europe. In the meantime, Crimsonwing is also investing heavily in its Intershop Enterprise eCommerce solutions in order to take-up the latest product versions.

The Directors further explained that in view of these investments, the increasing scale of the Group’s operations and a more comprehensive offering, Crimsonwing is experiencing very good demand for its solutions, particularly those of an international nature.

The Group is also seeking to further strengthen its annuity revenue streams. In this respect, the Directors announced that the Group has introduced a new proposition, referred to as ‘YourTeam’, whereby its clients can commit to working with Crimsonwing over several years through the Malta Solutions Centre. The Group is expected to announce its first clients for this new service in the next quarter.

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