The directors of Crimsonwing reported in their interim report last week that although the first half of this year has seen a continuation of tough trading conditions in the company’s main markets, with both the UK and The Netherlands remaining in recession, the company has delivered a very solid first-half performance and is in an excellent position to take advantage of the anticipated second half recovery in the markets.

Crimsonwing repositioned its cost base well before the start of the year, but without compromising business development, product research and development and personnel training to support existing and new opportunities.

Careful cost management and an ongoing reduction in overheads, together with sustained revenues, meant that the EBITDA of Crimsonwing increased substantially to e402,942 (2008: e26,111).

At the net profit level, after interest, tax and amortisation of software, the net profit was e151,510 (2008: a loss of e58,677).