LONDON (ShareCast) - (Sharecast News) - Healthcare software company Craneware reported a 119% improvement in full-year revenue on Tuesday, to $165.5m, as adjusted EBITDA rose 91% to $51.8m.
The AIM-traded firm said its statutory profit before tax totalled $13.1m for the 12 months ended 30 June, compared to $13.2m a year earlier.

Its board put that down to its increased operating profit, offset by the amortisation of acquired intangibles and bank interest payments resulting from the Sentry Data Systems acquisition.

Basic adjusted earnings per share rose 29% to 89 US cents, and adjusted diluted earnings increased to 88.1 cents per share, from 68.1 cents in the 2021 financial year.

Craneware said its annual recurring revenue was 164% higher year-on-year at $170.3m, as its described "robust" operating cash conversion of 80% of adjusted EBITDA, down from 99% a year earlier, reflecting the different cash generation profiles of the acquired business.

Operating cash reserves, excluding restricted cash, totalled $47.2m at year-end, down from $48.3m at the end of the 2021 period, while net debt was $64.4m, compared to nil a year ago.

The board proposed a final dividend of 15.5p, or 18.8 cents, per share, in line with last year's distribution in sterling terms and giving a total dividend for the year of 28p per share, up 2% on a sterling basis.

"We are pleased to be reporting such positive results, which clearly demonstrate the increased scale of the enlarged Craneware group and the breadth of our future opportunity," said chief executive officer Keith Neilson.

"The addition of Sentry, which was completed and integrated during the fiscal year, represents a significant milestone for Craneware.

"Whilst we remain cognisant of the ongoing challenges faced by our customers and partners, we are proud of the manner in which the group has dealt with the challenging backdrop during the year."

Neilson said a focus for the year was to integrate the firm's "widened" team, which he said was successfully achieved.

"Now, with our expanded and reorganised team we are confident we will be able to serve the considerable market need within the US healthcare space through the next stage of our evolution.

"We anticipate accelerated levels of sales moving forward, delivering our next phase of growth.

"We have a robust balance sheet, high recurring revenues and with our high levels of customer retention, we look to further increase shareholder value."

At 1031 BST, shares in Craneware were up 7.73% at 1,950p.

Reporting by Josh White at Sharecast.com.

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