16 September 2014 – 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 2014.
Financial Highlights (US dollars)
- Record total contract value signed in the year of $71.0m (FY13: $38.5m)
- Revenue increased to $42.6m (2013: $41.5m)
- Adjusted EBITDA1 increased to $13.1m (2013: $12.4m)
- Adjusted profit before taxation increased to $11.9m (2013: $11.2m)
- Profit before tax increased to $11.3m (2013: $10.6m)
- Basic adjusted EPS increased to 34.0 cents (2013: 32.9 cents), basic EPS increased to 31.9 cents (2013: 30.7 cents)
- Positive operational cash flow of $10.2m (2013: $9.9m)
- Cash at year end $32.6m (2013: $30.3m) after payment of $5.4m dividend to shareholders
- Proposed final dividend of 6.8p (11.63 cents) per share giving total dividend for the year of 12.5p (21.37 cents) (2013: 11.5p / 17.4 cents per share)
1 Adjusted EBITDA refers to earnings before interest, tax, depreciation, amortisation, share based payments.
- Leading indicators of customer confidence in the US healthcare market:
- Sales to all strata of hospitals
- Return of 7 and 9 year contracts
- Dollar renewal rates continue to be strong, within historic range
- Longer average renewal contract lengths
- Strong sales momentum and pipeline continues into FY15
- Supportive market environment for Craneware products due to continued regulatory and fiscal pressures on US healthcare providers
- Continued investment in product suite:
- Major enhancement releases to gateway products
- Furthering enterprise capabilities across product families
- Post year end launch of Reference Plus; and
- Acquisition of Kestros Limited
Keith Neilson, CEO of Craneware plc commented, “We have been pleased with the Group’s performance in the year. We have seen signs of growing customer confidence and believe Craneware is increasingly well positioned to address a growing market opportunity in what is the largest software vertical in the world; the US healthcare market.
Craneware remains at the forefront of providing solutions to US healthcare providers to help them achieve revenue integrity through the management of their cost base whilst ensuring receipt of all legitimate reimbursement. We believe true revenue integrity is required if healthcare providers are to continue to support improved patient care and clinical outcomes.
Investments in the business mean we have the people and the expertise in place to take us through the next stage of growth, building on our record sales performance. We have had a strong start to the current year, carrying on the momentum from the previous year and are confident we have the platform to deliver ongoing increased stakeholder value.”
For further information, please contact:
- +44 (0) 131 550 3100
- Keith Neilson, CEO
- Craig Preston, CFO
- +44 (0) 20 7418 8900
- Dan Webster
- Richard Kauffer
- +44 (0) 20 7653 9850
- Caroline Forde
- Tim Thompson
- Heather Armstrong
- Edward Treadwell
Founded in 1999, Craneware has headquarters in Edinburgh, Scotland with offices in Atlanta, Arizona, Massachusetts and Tennessee 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 craneware.com.