Craneware makes $19m profit on $71m revenue

Edinburgh-based Craneware, a provider of software for the US healthcare market, said on Monday its revenue was flat at $71.5 million in the year to June 30, 2020, with profit before tax increasing 5% to $19.3 million.

The firm said it is “seeing the first signs” of sales cycles slowly normalising.

Craneware’s proposed final dividend is 15p per share, giving a total dividend for the year of 26.5p per share (FY19: 26.0p).

Craneware CEO Keith Neilson said: “Craneware made good progress in the year despite the difficulties imposed by the COVID-19 pandemic in the final quarter.

“While we as a business were relatively insulated from the direct impacts of the pandemic, our customers were on the front-line, selflessly serving their communities.

“Supporting them and the phenomenal work their teams have done has been, and will continue to be, our top priority. 

“Our passion and purpose is to impact healthcare profoundly by improving healthcare providers’ operational efficiency and margin, so they can continue investing in providing quality care for their communities. 

“The challenges hospitals are currently facing, combined with the ongoing transition to value-based reimbursement, means this has never been more relevant, or important, and we will do all we can to support our customers through this time.

“We have experienced strong sales momentum in Q1 and continue to have sales discussions with hospitals across the US.

“We are cautiously optimistic we are seeing the first signs of sales cycles slowly normalising; however, we remain cognisant of the ongoing macro uncertainties.

“We continue to benefit from a strong balance sheet and high levels of recurring revenue, entering the new financial year with an annuity revenue base of over $65m, providing us with a strong foundation for future growth.” 

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.