< Back to News

Crimsonwing – Performance review


Crimsonwing is experiencing increased demand for its software & services solutions during the start of the calendar year 2010, and this augurs well for the start of financial year in April 2010 as new projects come on stream. Although recessionary effects impacted the markets during 2009, Crimsonwing revenues held steady and compare favourably with the previous year. Action taken earlier in the year to implement cost savings and improve utilisation has had a positive impact on overall operational profitability.

Highlights in the previous quarter include the following:

  1. Third quarter profits ahead of plan, with consolidated EBITDA at Eur540,000 at the end of the third quarter. This was primarily as a result of good performance in the UK and Malta, with the Dutch markets sluggish – this however is now improving.
  2. Crimsonwing (Malta) has gained commitment for many leading Malta based companies for its Microsoft Dynamics services.
  3. Demand for Crimsonwing e-business solutions is now very strong in both the UK and The Netherlands.
  4. Crimsonwing to open a new Crinsonwing branch in Eindhoven to address new opportunities in the south of the Netherlands.
  5. Crimsonwing Promentum (The Netherlands) is to create a new joint venture with Qurious Learning Solutions and the Partner Master Class. The new venture, “International Dynamics Partner Academy’ will support and train Microsoft Dynamics partners as Microsoft re-vamps its partner accreditation programme in 2010/2011. The opportunities are significant and pan-European.’

End Quote

Louis de Gabriele

Company Secretary