Crimsonwing achieves record revenue levels

After its first six months as a publically-listed IT company, Crimsonwing has achieved record revenue levels registering a 35 per cent increase overall in revenues over the last year of €9,552,567 to last March, the IT solutions and services provider announced last week.

This also includes substantial organic growth in Holland which registered a 46 per cent increase in revenues during the same year.

Despite the 14 per cent decline of the sterling against the euro, Crimsonwing ended the year with a robust balance sheet showing an increase in total assets of 96 per cent and shareholder funds by 62 per cent. This resulted in an earning of €0.045 per share and a declaration of a dividend of a €0.01 per ordinary share.

In the first quarter of the year ending 2009 Crimsonwing registered a 72 per cent increase in revenue when compared with the same quarter of 2007.

The past year has seen rapid growth for Crimsonwing. Two separate acquisitions (the media and entertainment vertical of Peracto Solutions Ltd in July 2007 and a majority interest in Promentum Holdings BV in September 2007), a company-wide rebranding, an initial public offering in December 2007 and subsequently a re-engineering of Crimsonwing's core business have seen the company move from strength to strength.

Revenues grew in all three solution areas. With custom development, Crimsonwing moved to leading edge technologies, including new mobile technologies and continues to make huge investments in the latest Microsoft technologies for integration and web-based collaboration. In the area of e-business, Crimsonwing has become the leading Intershop solution provider in Holland and has undertaken a major implementation in the UK.

In the 'Microsoft Dynamics' ERP area, Crimsonwing has now established a small team of UK-based product consultants who drive licence sales and Malta based services. There is also a new revenue stream from training and consultancy services together with industry expertise in printing and publishing solutions.

Crimsonwing has made a significant acquisition of VDA, a Dutch IT software and services business, has consolidated its UK and Holland operations and has started working closely with Microsoft to exploit Crimsonwing's vertical strategy for solutions. Some new clients include Sun Microsystems, the multinational vendor of computers, software and IT services; Free Record Shop, the second largest Dutch retailer of home entertainment products selling CDs, DVDs and video games; Canadian oil and gas data, service and technology leader Divestco; Italian fashion house Furla, and Welsh jewellery producers Clogau Gold.