Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Add shares to your
quickpicks to
display them here!

Craneware posts an annual surge in revenue but says profit flat

5th Sep 2023 10:53

(Alliance News) - Craneware PLC on Tuesday posted a higher annual revenue but said its profit remained virtually flat due to an amortisation charge.

Craneware is an Edinburgh-based provider of solutions helping to improve financial performance in the US healthcare market.

Pretax profit in the financial year that ended June 30 was unchanged from a year ago at USD13.1 million. Craneware linked this to an amortisation charge of USD20.9 million relating to acquired intangible assets relating to the acquisition of US healthcare data firm Sentry Data Systems Inc, which it purchased in 2021 for USD400 million.

Revenue climbed by 5.1% to USD174.0 million from USD165.5 million in financial 2022. Software and related revenue brought in USD159.1 million in revenue, accounting for 92% of Craneware's total income.

Annual recurring revenue grew by 1.6% to USD169.0 million from USD166.4 million as a result.

Craneware upped its final dividend by 7.4% to 20.19 US cents from 18.80 a year ago, bringing its total dividend for financial 2023 to 35.95 US cents, a 5.9% increase from 33.96.

Looking ahead, the company said it is well positioned for the year ahead as its balance sheet remains strong, citing high levels of ARR and "early signs of increasing customer confidence."

Chair Will Whitehorn said: "The breadth of solutions the Craneware group can provide, as well as the power of its operational and administrative platform and data, give the board confidence in the group's ability to provide the insights its customers need to deliver greater value healthcare to their communities.

"With the sales growth experienced in the final quarter of the year delivering incremental revenues, combined with further momentum in the current period, the group has seen a positive start to trading in the new financial year."

Shares in Craneware were up 5.6% at 1,462.50 pence each in London on Tuesday morning.

By Sabrina Penty, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

FTSE 100 Latest