Craneware hails integration of acquisitions
Healthcare billing company Craneware said recent acquisitions had been successfully integrated into the group with revenue more than doubling (119%) to $165.5 million (FY21: $75.6m).
Adjusted EBITDA increased 91% to $51.8m (FY21: $27.1m) while statutory profit before tax came in static at $13.1m (FY21: $13.2m) reflecting increased operating profit offset by amortisation of acquired intangibles and bank interest payments resulting from the Sentry Data Systems acquisition.
The board intends maintaining the final dividend at 15.5p per share (18.80 cents) (FY21: 15.5p, 21.47 cents) giving a total dividend for the year of 28p per share (33.96 cents) (FY21: 27.5p, 38.10 cents) up 2%.
Keith Neilson, CEO, commented: “We are pleased to be reporting such positive results, which clearly demonstrate the increased scale of the enlarged Craneware Group and the breadth of our future opportunity. The addition of Sentry, which was completed and integrated during the fiscal year, represents a significant milestone for Craneware.
“Whilst we remain cognisant of the ongoing challenges faced by our customers and partners, we are proud of the manner in which the Group has dealt with the challenging backdrop during the year.
“A focus for the year was to integrate our widened team and this was achieved with great success. Now, with our expanded and reorganised team we are confident we will be able to serve the considerable market need within the US healthcare space through the next stage of our evolution.
“We anticipate accelerated levels of sales moving forward, delivering our next phase of growth. We have a robust balance sheet, high recurring revenues and with our high levels of customer retention, we look to further increase shareholder value.”