Craneware making 'positive progress' with Sentry integration
By Josh White
Date: Tuesday 16 Nov 2021
(Sharecast News) - Healthcare software company Craneware said in a trading update on Tuesday that it was making "positive progress" during the first four months of its new financial year, trading in line with its own expectations.
The AIM-traded firm, which was holding its annual general meeting, said the integration of Sentry Data Systems was progressing ahead of plan, with the integration of operational departments and operating systems nearing completion, and the sales and technology teams on track to be fully integrated by the end of the current financial year.
It said "good levels" of initial synergies had already been realised, more than mitigating the salary inflation being seen across the industry.
"Morale in the enlarged group is strong, with a collective passion to 'transform the business of healthcare' resulting in a lower attrition rate than the industry average widely reported," the Craneware board said in its statement.
Sales activity, meanwhile, was described by the company as high, with initial cross-sale opportunities emerging as expected across the two customer sets, alongside new customer opportunities.
The board said the migration of existing customers to the Trisus platform was continuing to plan, with all customers expected to be migrated by the end of the 2022 calendar year.
"The acquisition of Sentry has significantly increased Craneware's scale and opportunity, expanding the group's pharmacy offerings, customer base and valuable data sets, as well as increasing total revenue visibility for the next three years to approximately half a billion dollars," the directors said.
Craneware's artificial intelligence (AI) and data science team continue to analyse what the company believes to be the largest and most relevant independent proprietary hospital data set in the world.
"The group's aim is to identify future product opportunities further underpinning the long-term success of the company - achieving its mission: to profoundly impact healthcare by improving customers' operational efficiency and margins, so they can continue to invest in providing quality care for their communities."
Looking ahead, Craneware said that with a "strong" balance sheet, "high levels" of visible revenue and "strong" customer retention rates, it had a solid financial foundation from which to accelerate growth, increasing shareholder value.
"The board is confident in the continued strong performance of the business."
At 1029 GMT, shares in Craneware were up 1.15% at 2,630p.
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