6th Mar 2023 10:11
(Alliance News) - Craneware PLC on Monday said it delivered a solid performance in the first half of its financial year, trading in-line with expectations despite continuing "difficult" market conditions for its customers.
Craneware is an Edinburgh-based provider of solutions helping to improve financial performance in the US healthcare market. Shares in the firm were up 1.1% at 1,516.00 pence on Monday morning in London.
In the six months ended December 31, Craneware reported a pretax profit of USD5.2 million. The previous year, the company's first half profit was USD6.2 million, representing a decline of 16% year-on-year.
Adjusted earnings before interest, taxation, depreciation and amortization, meanwhile, rose 7.6% to USD25.5 million from USD23.7 million.
Revenue from contracts with customers totalled USD84.7 million in the half, up 5.6% from USD80.2 million a year prior. It added that customer retention was strong, at above 90% in the period.
Chief Executive Keith Neilson said: "We remain acutely conscious of the ongoing challenges faced by our customers and partners, in particular the impact of inflationary pressures and staffing shortages. The pressures they are experiencing strengthens our commitment to providing the tools to more accurately manage their operations and finances, as we seek to transform the business of US healthcare together."
Looking ahead, Craneware said it remains financially strong, benefitting from a strong balance sheet and a "robust" base of recurring revenue. It said it was confident in delivering results for the year as a whole in-line with current market consensus, which it did not specify.
Craneware declared an interim dividend of 12.5 pence, or 15.13 US cents, per share. This was in-line with the previous year's interim payout. Its ex-dividend date is March 23.
By Heather Rydings, Alliance News senior economics reporter
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