Crimsonwing plc – Approval of Annual Accounts

Crimsonwing plc – Approval of Annual Financial Statements

Crimsonwing plc announced that the Board of Directors plc approved the financial statements for the financial year ended March 31, 2009.

Revenue increased by 26.44% during the year, from EUR 9.55m to EUR 12.07m. During the year, the Company made a Net Loss after tax of EUR 499,932, compared to a Profit after tax of EUR 823,752 in 2008. This loss was mainly due to internal and external factors impacting on the Company’s profitability. With the acquisition of Crimsonwing VDA, which was a loss making business, directors had to re-structure the business, which brought high expenses. Externally, all the Company’s target markets, such as USA and UK, went into recession, and therefore these brought project delays, cancellations, and also payment delays. The Company also had an Extraordinary write-off of EUR 140,000 due to a failure of a debtor. The Earnings per share decreased from EUR 0.04 to a negative EUR 0.02. The Board of Directors did not recommend the payment of a final dividend. The Annual General Meeting will be held on October 1, 2009.

To view the Annual Financial Statements, Click Here.