TIDMCRW
RNS Number : 9145Z
Craneware plc
17 January 2024
Craneware plc
("Craneware", "The Craneware Group", the "Company" or the
"Group")
Trading Update, Notice of Results and extension of the share
buyback programme
17 January 2024 - Craneware (AIM: CRW.L), the market leader in
Value Cycle solutions for the US healthcare market, is pleased to
provide an update on trading for the six months ended 31 December
2023 (H1 FY24).
Trading Update
The Group has seen an acceleration in revenue growth in the
period against an improving market backdrop, as US Hospitals and
Healthcare re-focus on their strategic futures. As a result,
revenue has grown by 8% to c.$91m (H1 FY23: $84.7m), and adjusted
EBITDA has increased 8% to c.$27.5m (H1 FY23: $25.5m), in line with
Board expectations. With much of the sales success in the period
still to convert to revenue, Annual Recurring Revenue ('ARR(1) ')
has grown approximately 3% to c.$171.4m (H1 FY23: $166.4m) whilst
retaining a Net Revenue Retention of 100%.
The Group has continued to utilise its cash reserves to reduce
debt and interest costs. The resulting lower interest rate charges
combined with the growth in the period, partially offset by
increased UK corporation tax, share based payments and
amortisation, has seen Adjusted EPS return to growth of c.3%, (H1
FY23 -6%), reversing the reduction experienced in the prior
year.
The Group maintains a strong balance sheet, with total bank debt
reduced to $59.2m (H1 FY23: $107.9m), and healthy total cash
reserves of $63.9m (H1 FY23: $90.8m).
Share Buyback
The Board has agreed it is appropriate to extend the share
buyback programme, due to expire on 17 January 2024, for a further
three months to 17 April 2024, under the same terms as previously
announced.
Outlook
The Group's investment in the Trisus platform, along with the
recent launch of its optimisation suites and innovative new
partnerships, means it has entered the second half of the year in a
strong position to benefit from the increasing confidence in its
market. Craneware continues to see significant new opportunities to
support its customers as they strive to deliver better value in US
Healthcare.
The solid foundation of ARR combined with the breadth of
solutions within the Trisus platform and the scale of data flowing
through it, means the Company remains confident in the accelerating
growth momentum and the return to double digit growth rates in the
near term.
Notice of Results
Craneware will announce results for the six months ended 31
December 2023 on 4 March 2024.
Keith Neilson, CEO of Craneware plc, commented,
"With US healthcare and our hospital customers re-focusing on
the future, the drive to better value in healthcare has returned to
the forefront of their strategic priorities and we are pleased to
see the returning confidence having a positive impact on our
financial results.
"The importance of digitalisation, to meet these challenges, has
never been clearer. With approximately 40% of all US hospitals as
customers, our considerable data assets and expanded offering allow
us to derive meaningful insights for them to improve their
operational efficiency, ensure their financial strength and
continue to deliver outstanding care to their communities.
"Our investments made in prior years in the move to the Cloud
and our Trisus platform, mean we are well positioned to be the
strategic partner US Hospitals and pharmacies need, now and in the
future, and we look forward with confidence."
(1) Annual Recurring Revenue ("ARR") includes the annual value
of licence and transaction revenues as at 31 December 2023 that are
subject to underlying contracts and revenue is being
recognised.
For further information, please contact:
Craneware plc +44 (0)131 550 3100
Keith Neilson, CEO
Craig Preston, CFO
Alma Strategic Communications +44 (0)20 3405 0205
Caroline Forde, Joe Pederzolli, Kinvara Verdon craneware@almastrategic.com
Peel Hunt (NOMAD and Joint Broker) +44 (0)20 7418 8900
N eil Patel, Paul Gillam, Richard Chambers
Investec Bank PLC (Joint Broker) +44 (0)20 7597 5970
Patrick Robb, Henry Reast, Cameron MacRitchie
Berenberg (Joint Broker ) +44 (0)20 3207 7800
Mark Whitmore, Richard Andrews, Dan Gee-Summons
About Craneware
The Craneware Group (AIM:CRW.L), the market leader in automated
value cycle solutions, including 340B management, collaborates with
U.S. healthcare providers to plan, execute, and monitor operational
and financial performance so they can continue to deliver quality
care to their communities. Customers choose The Craneware Group's
Trisus data and applications platform as their key to navigating
the journey to financially sustainable value-based care. Trisus
combines revenue integrity, cost management, 340B performance, and
decision enablement into a single, SaaS-based platform. Trisus
Chargemaster secured top ranking in the Chargemaster Management
category of the "2023 Best in KLAS Awards: Software & Services"
and is part of an extensive value cycle management suite. The
Craneware Group - transforming the business of healthcare.
Learn more at www.thecranewaregroup.com
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