Craneware (AIM: CRW.L), the market leader in Value Cycle solutions for the US healthcare market,announces its unaudited results for the six months ended 31 December 2018.
Financial Highlights (US dollars)
- Revenue increased 15% to $35.8m (H1 2018: $31.1m)
- Adjusted EBITDA1 increased 20% to $11.6m (H1 2018: $9.7m)
- Profit before tax increased 7% to $9.3m (H1 2018: $8.7m)
- Adjusted basic EPS increased 19% to 30.2 cents per share (H1 2018: 25.4 cents per share)
- Cash position of $38.7m (H1 2018: $52.2m), following significant returns to shareholders and investments in the period
- Proposed interim dividend increased 10% to 11p (H1 2018: 10p per share)
1. Adjusted EBITDA refers to earnings before interest, tax, depreciation, amortisation, share based payments and acquisition and share transaction related costs.
Operational Highlights
- Supportive market environment as the US healthcare market evolves towards value-based care, with a critical dependency on accurate financial and operating data
- Strong sales activity and opportunities across the product suite and across all classes of hospital providers
- Increasing market engagement with our newly launched cloud-based platform, Trisus™:
– With 600 hospitals represented at the Craneware Healthcare Summit, 50% of customers that attended are looking to transfer to the Trisus platform within twelve months - First three Trisus products are now available on general release with a fourth scheduled for release in the second half of the financial year
Outlook
- Strong sales pipeline for the current financial year
- Total visible revenue over $70.0m for the current financial year and $196.2m for the three-year period to June 2021 (H1 2018 same three year period: $174.3m)
- Board confident in outlook for the current year and beyond
Keith Neilson, CEO of Craneware plc commented, “We are delighted to report another strong set of results, delivering against our growth strategy. The strength of our trading performance to date and double-digit rate of growth demonstrate the ongoing momentum we are experiencing in the business and the growing market opportunity we see.
“As we enter the second half of the financial year we do so with excitement as we continue to build the business in line with the large market opportunity available to us. We believe that the breadth of our customer base and the quantity and quality of data within our solutions gives us the opportunity to sit at the heart of the move to value-based economics; collating and analysing the information that will support hospital-wide decision making and ultimately have a positive impact on the quality of healthcare.
“Our growing market opportunity, the strength of our sales pipeline and increasing long-term revenue visibility, mean we enter the second half of the financial year with great confidence for the future and the ongoing success of Craneware.”
craneware