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Software firm in strong position

Craneware in good health as sales hit new record

Confident: Keith Neilson (by Terry Murden)

Confident: Keith Neilson (by Terry Murden)

Craneware, the provider of software billing for the healthcare sector, said sales are heading for a third consecutive record year.

The Edinburgh company is seeing a return to double digit growth at the revenue and adjusted EBITDA level. 

It has seen more than 60% growth in the value of new contracts signed, now amounting to $58m against $35.9m last year, with the average new contract length being maintained at five years.

The company signed two ‘significant’ deals in the year, the first for a group of 50 hospitals, worth more than $7.5m, and the second valued at more than $8m.

Craneware, which is based at Canon Mills but does most of its business in the US, expects an increase of 11% in revenues and 10% in adjusted EBITDA for the year ended 30 June. 

Other key performance indicators continue to be positive.  The group continued to renew hospitals that were due for renewal in the year and customer retention continues to be significantly higher than the industry norm.

Strong cash generation resulted in cash reserves in excess of $47m at 30 June (2015: $41.8m). 

Keith Neilson, chief executive, said management had “confidence in its ability to deliver continued future growth as well as increasing stakeholder value.”

The company will announce its full year results on 6 September.

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