TIDMCRW
RNS Number : 1380G
Craneware plc
17 July 2023
Craneware plc
("Craneware", the "Craneware Group", the "Company" or the
"Group")
FY23 Trading Update and Notice of Results
17 July 2023 - Craneware (AIM: CRW.L), the market leader in
Value Cycle solutions for the US healthcare
market, today provides an update on trading for the year ended 30 June 2023 (FY23).
The Board is pleased to announce a positive close to the year,
as customers and partners began to look forward, beyond the macro
difficulties of the recent past. As a result, revenue for the year
is expected to be towards the upper end of current market
expectations at approximately $174m, a 5% increase over the prior
year. This has delivered an adjusted EBITDA increase of
approximately 5% to over $54m which represents an EBITDA margin of
31% (FY22: 31%).
A healthy software revenue performance and continued high levels
of customer retention have seen Annual Recurring Revenue (1)
("ARR") growth in the second half of the year, to approximately
$169m (31 December 2022: $166.4m).
As at 30 June 2023, the Group maintained strong operating cash
balances of $46.9m (30 June 2022: $47.2m) and total bank debt of
$83m (30 June 2022: $111.6m). This further reduction in the overall
levels of bank debt is in response to the current interest rate
environment and results in a Net Debt/EBITDA ratio of 0.67x (FY22:
1.24x).
The Company is pleased to announce that it is extending the
duration of its share buyback programme for a further three months,
under the same terms as previously announced.
Outlook
With the sales experienced in the final quarter of the year
delivering incremental revenues, combined with further sales
momentum, the Group has seen a positive start to trading in the new
financial year.
The breadth of solutions the Craneware Group can provide, as
well as the power of its operational and administrative platform
and data, give the Board confidence in the Group's ability to
provide the insights its customers need to deliver greater value
healthcare to their communities.
The Group's balance sheet strength, high levels of ARR and early
signs of increasing customer confidence, leave the Group well
positioned for FY24 and beyond.
Notice of Results
Craneware will announce its results for the year ended 30 June
2023 on 5 September 2023.
Keith Neilson, CEO of Craneware plc, commented,
"Against the backdrop of the challenges impacting the US
healthcare market over recent years, it is pleasing to report a
robust financial performance, which is testament to the value of
Craneware's offering and the hard work of our team.
It is particularly encouraging to see the improving prospects
across the US healthcare landscape in recent months. We are seeing
an increasing number of opportunities enter our sales pipeline,
which has been reflected in a positive start to the current
financial year.
We are confident in the demonstrable value our solutions can
bring to the US healthcare market. Supported by a strong balance
sheet, high levels of revenue visibility and improving market
backdrop, we are well positioned to steadily build on the healthy
performance delivered this year."
(1) Annual Recurring Revenue ("ARR") includes the annual value
of licence and transaction revenues as at 30 June 2023 that are
subject to underlying contracts and where revenue is being
recognised.
For further information, please contact:
+44 (0)131 550
Craneware plc 3100
Keith Neilson, CEO
Craig Preston, CFO
+44 (0)20 3405
Alma (Financial PR) 0205
Caroline Forde, Hilary Buchanan, Joe Pederzolli craneware@almapr.co.uk
+44 (0)20 7418
Peel Hunt (NOMAD and Joint Broker) 8900
Neil Patel, Paul Gillam, Richard Chambers
+44 (0)20 7597
Investec Bank PLC (Joint Broker) 5970
Patrick Robb, Henry Reast, Sebastian Lawrence
+44 (0)20 3207
Berenberg (Joint Broker) 7800
Mark Whitmore, Richard Andrews, Dan Gee-Summons
About Craneware
We at the Craneware Group of companies, passionately believe we
can impact healthcare profoundly by delivering the insights
healthcare organizations need to also transform the business of
healthcare. Our shared vision is to be the operational and
financial partner for U.S. healthcare providers.
Our combined suite of applications and industry-leading team of
experts help our customers contextualize operational, financial,
and clinical data, providing insights that clearly demonstrate what
great looks like. These value cycle insights deliver revenue
integrity and 340B compliance, as well as margin and operational
intelligence - something no other single partner can provide.
Together, approximately 40% of registered U.S. hospitals are now
our customers, including more than 2,000 U.S hospitals and health
systems and almost 10,000 clinics and affiliated retail pharmacies.
Our customers are operating with a financial impact of nearly half
a trillion dollars. We have data sets from customers covering more
than 150 million unique patients encounters.
Learn more at www.craneware.com
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END
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