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Craneware PLC said on Monday that it had a positive end to its financial year, and added it expects revenue to be at the upper end of current market expectations. Craneware, an Edinburgh-based computer software for the US healthcare industry, said that despite macroeconomic headwinds, revenue for the year ended June 30 is expected to be towards the upper end of expectations at around $174 million, a 5.1% rise from $165.5 million the year prior. Adjusted earnings before interest, tax, depreciation, and amortisation are expected to rise around 3.8% to $54 million, from $52 million. Its Ebitda margin is expected to be unchanged at 31%. Annual recurring revenue increased in the second half of the year by 1.6% on June 30 to $169 million, from $166.4 million on December 31. Operating cash balances stood at $46.9 million on June 30, down 0.6% from $47.2 million a year earlier. Total bank debt fell 26% to $83 million on June 30, from $111.6 million at the same time the year before. Craneware said it was extending the duration of its share buyback programme for a further three months. Chief Executive Officer Keith Neilson said: ‘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.’ Craneware said it has seen a positive start to trading in its new financial year. ‘The group’s balance sheet strength, high levels of annual recurring revenue, and early signs of increasing customer confidence, leave the group well positioned for financial 2024 and beyond,’ Craneware said. Shares in Craneware were up 2.1% at 1,490.00 pence each in London on Monday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved
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