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Financial Results 2013

10 September 2013 – Craneware plc (AIM: CRW.L), the market leader in automated revenue integrity solutions for the US healthcare market, announces its results for the year ended 30 June 2013.

Financial Highlights (US dollars)

  • Revenue increased 1% to $41.5m (2012: $41.1m)
  • Adjusted EBITDA* increased 4% to $12.4m (2012: $11.9m)
  • Adjusted profit before taxation increased 4% to $11.2m (2012: $10.8m)
  • Profit before tax decreased 5% to $10.6m (2012: $11.2m)
  • Basic adjusted EPS increased 4% to 32.9 cents (2012: 31.6 cents), basic EPS decreased 7% to 30.7 cents (2012: 33.0 cents)
  • Cash at year end $30.3m (2012: $28.8m) after returning $4.7m to shareholders by way of dividends
  • Proposed final dividend of 6.3p (9.6 cents) per share giving total dividend for the year of 11.5p (17.4 cents) (2012: 10.5p /15.9 cents per share)

*Adjusted EBITDA refers to earnings before interest, tax, depreciation, amortisation, share based payments, released deferred consideration and transaction related costs

Operational Highlights

  • Underlying growth in sales to individual hospitals and small hospital groups
  • Exited the year with significantly higher sales run rate than at the start
  • Renewal rates over 100% of dollar value
  • Products achieved top rankings within their divisions of the KLAS industry awards
  • Hospitals continue to face growing financial and administrative pressure including increased audit activity and significant backlogs in the appeal process
  • Key appointments increase bandwidth of senior management team

Keith Neilson, CEO of Craneware commented:

“Overall Group revenue reported in the year was marginally ahead of that of last year, masking the steady growth through the year in sales to individual hospitals, which was very encouraging and a reflection of the more stable trading environment. The strengthening of sales activity has continued and trading in the first few months of the new financial year has been healthy. With a product suite that addresses many of the fundamental financial issues besetting healthcare providers in the US, an invigorated sales team and a more stable trading environment, we are confident Craneware has the platform to deliver increased shareholder value in the years ahead.”

For further information, please contact:

Craneware plc

  • +44 (0) 131 550 3100
  • Keith Neilson, CEO
  • Craig Preston, CFO

Peel Hunt

  • +44 (0) 20 7418 8900
  • Dan Webster
  • Richard Kauffer

Newgate Threadneedle

  • +44 (0) 20 7653 9850
  • Caroline Evans-Jones
  • Fiona Conroy

About Craneware

Founded in 1999, Craneware has headquarters in Edinburgh, Scotland with offices in Atlanta, Boston, Nashville and Scottsdale employing over 200 staff. Craneware is the leader in automated revenue integrity solutions that improve financial performance for healthcare organisations. Craneware’s market-driven, SaaS solutions help hospitals and other healthcare providers more effectively price, charge, code and retain earned revenue for patient care services and supplies. This optimises reimbursement, increases operational efficiency and minimises compliance risk. By partnering with Craneware, clients achieve the visibility required to identify, address and prevent revenue leakage. To learn more, visit

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