Trading Update – 30 June 2010
14 July 2010 – Craneware plc (AIM: CRW.L), the market leader in automated revenue integrity solutions for the US healthcare market, is pleased to give an update on trading for the year ended 30 June 2010.
Record Sales Year
Craneware continued to grow strongly during the year and expects to report results for the year ended 30 June 2010 in line with management expectations. The total value of contracts signed during the year will be the highest in the Company’s history, increasing by over 25% against the prior year (2009 $43.2m). This growth is driven by the Company’s increased product range and strengthening of its partner relationships, supported by favourable conditions in the US healthcare market. The majority of this revenue will, however, be recognised in future periods in accordance with the Company’s annuity revenue model, adding to its already high visibility of future revenues.
Craneware will be announcing final results on Monday 6th September 2010.
Keith Neilson, CEO of Craneware commented:
“This has been another strong year for Craneware, in which we have once again delivered high levels of sales growth. The ongoing healthcare reforms in the US have increased the need for our financial performance and risk mitigation solutions and we have continued to successfully execute on our strategy. These factors have resulted in another record year in terms of the total value of contracts signed during the period, increasing our high levels of visibility for future years and giving us a great platform on which to continue to grow. We therefore continue to be very confident regarding the future for Craneware and look forward to giving a full update at the time of our final results in September.”
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 Evans-Jones
- Fiona Conroy
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 and mitigate risk for healthcare organisations. Craneware’s market-driven, SaaS solutions help hospitals and other healthcare providers more effectively price, charge and code for services and supplies associated with patient care. These optimise reimbursement, increase operational efficiency and minimise compliance risk. By partnering with Craneware, clients achieve the visibility required to identify, address and prevent revenue leakage. To learn more, visit craneware.com.