Shares of Edinburgh-based Craneware plc, a provider of software for the US healthcare market, rose as much as 4% after it published a positive update on trading for the year ended June 30, 2023 (FY23) and said it has also seen a positive start to trading in the new financial year.

Craneware said further it is extending the duration of its share buyback programme for a further three months, under the same terms as previously announced.

“The board is pleased to announce a positive close to the year, as customers and partners began to look forward, beyond the macro difficulties of the recent past,” said Craneware.

“As a result, revenue for the year is expected to be towards the upper end of current market expectations at approximately $174m, a 5% increase over the prior year.

“This has delivered an adjusted EBITDA increase of approximately 5% to over $54m which represents an EBITDA margin of 31% (FY22: 31%).”

Craneware CEO Keith Neilson said: “Against the backdrop of the challenges impacting the US healthcare market over recent years, it is pleasing to report a robust financial performance, which is testament to the value of Craneware’s offering and the hard work of our team.

“It is particularly encouraging to see the improving prospects across the US healthcare landscape in recent months. We are seeing an increasing number of opportunities enter our sales pipeline, which has been reflected in a positive start to the current financial year.

“We are confident in the demonstrable value our solutions can bring to the US healthcare market. Supported by a strong balance sheet, high levels of revenue visibility and improving market backdrop, we are well positioned to steadily build on the healthy performance delivered this year.”