Craneware doubles H1 revenue to $80m

Edinburgh-based Craneware, a provider of software for the US healthcare market, said its revenue increased 111% to $80.2 million in the six months ended December 31, 2021, following its acquisition of Florida-based Sentry Data Systems.

Craneware said its adjusted profit before tax increased 68% to $17.1 million.

But, after $8.9 million of amortisation of acquired intangible assets and exceptional costs of $1.9 million, profit before tax fell to $6.2 million from $9.9 million.

Interim dividend increased 4% to 12.5p per share.

Craneware CEO Keith Neilson said: The combined scale and expertise of the enlarged Craneware Group provides the potential for acceleration in ARR (Annual Recurring Revenue) growth over the medium term, as we unlock the considerable cross and upsell opportunities within our enlarged customer base.

“Through our increased sales and marketing operations and unique breadth of offering we are also well placed to secure increased market share as the US healthcare industry continues its drive towards achieving greater value in healthcare.

“Whilst remaining cognisant of the challenges our customers continue to face; the group remains on-course to deliver results for the current year in line with management’s expectations.

“With a strong balance sheet, high levels of recurring revenues, high customer retention rates and an ARR of $165m as at 31 December 2021, we have a strong financial foundation from which to accelerate growth and investment to fulfil our potential, thereby increasing shareholder value.

“We are delighted to see our first cross-sales within the enlarged group, which we expect to accelerate once the COVID 19 headwinds fully dissipate.

“With an expanded opportunity we look to the future with considerable excitement and confidence as we work as one team to transform the business of US healthcare.”

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