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Craneware confirms 8% rise in revenue

Craneware has reported an 8% rise in revenue from $84.7m to $91.2m during the second half of last year.

The Edinburgh-based provider of value cycle solutions for the US healthcare market also saw adjusted profit before tax rise by 8%, from $15.7m to $17m.

Its unaudited results for the six months ended 31 December 2023 showed earnings before tax up 8% to from $25.5m to $27.5m.

A the end of the year, the company’s cash reserves stood at $63.9m, down from $90.8m six months earlier, although total bank debt was down from $107.9m to $59.2m.

The board has therefore proposed an interim dividend of 13p per ordinary share.

Behind the figures, the results explained that there has been a “positive response” to Craneware’s recently launched Optimization Suites, as a means for hospitals to strategically address challenges of the healthcare market.

There has also been a “significant increase” in sales, to both existing and new customers.

Customer retention remains above 90% across all measures, while a partner programme has contributed to revenue growth, made possible through the Trisus platform, with a pipeline of additional partners being assessed.

Craneware continues to invest in research and development to capitalise on the “significant market opportunity”.

Chief executive Keith Neilson commented: “Our growth in the first half of the year is tangible evidence of the return of healthcare providers’ focus to their strategic priorities and their increasing investment in technology to provide the insights to achieve them.

“Through our investments in the Trisus platform, Craneware is well positioned to support our customers in this transformation of the business of US healthcare, providing us with a sizeable opportunity and growth lasting for the long term.

“We have entered the second half of the year with good sales momentum and focus,“ he continued, adding: “We remain confident in the delivery of results for the year in line with current consensus, further growth acceleration over the near term, and our ability to create further long-term value for all stakeholders.”

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