Crimsonwing reports increased demand for products at start of year

Software developer Crimsonwing plc has said the beginning of the year had seen increased demand for its products and services solutions.

The development augered well for the start of the new financial year in April when new projects will come on stream, the company said in an interim directors' statement on the Malta Stock Exchange.

"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." Crimsonwing provides IT solutions to clients in the UK, Holland and Malta. It has offices in London, Hilversum and Marsa and employs over 200 people.

The company reported Q3 profits ahead of plan, with consolidated earnings before interest, tax, depreciation and amortisation at €540,000 by the end of the third quarter, mostly attributed to "good performance" in the UK and Malta. Sluggish Dutch markets were showing improvement.

Crimsonwing (Malta) had gained commitment from many leading Malta-based companies for its Microsoft Dynamics services and demand for its e-business solutions was now "very strong" in the UK and the Netherlands.

The company said it planned to open a new branch in Eindhoven to tap new opportunities in the south of The Netherlands.

Meanwhile, Crimsonwing Promentum (The Netherlands) is to create a new joint venture with Qurius Learning Solutions and the Partner Master Class. The International Dynamics Partner Academy will support and train Microsoft Dynamics partners as Microsoft revamps its partner accreditation programme in 2010/11. The opportunities are significant and pan-European, Crimsonwing said.