Craneware plc Trading Update and Notice of Results (2076L)
December 21 2018 - 1:00AM
UK Regulatory
TIDMCRW
RNS Number : 2076L
Craneware plc
21 December 2018
21 December 2018
Craneware plc
("Craneware" or the "Company" or the "Group")
Trading Update and Notice of Results
Strong performance expected to deliver revenue and adjusted
EBITDA growth in the range of 15% to 20%
21 December 2018 - Craneware (AIM: CRW.L), the market leader in
Value Cycle solutions for the US healthcare market, notes the
recent movement in its share price and provides an update on
trading to date in the six months ending 31 December 2018.
The Group is pleased to announce that it has continued to
perform strongly in the first half of the financial year, with good
levels of sales activity and customer renewals by dollar value
continuing at their historic average of 100%.
In accordance with the Company's revenue recognition policy, the
majority of the revenue resulting from both new and existing
contract renewal sales successes will be recognised over future
periods, adding to the Group's long term visibility of revenue
under contract.
The Group expects to report increases in both revenue and
adjusted EBITDA in the range of 15% to 20% for the six month period
ending 31 December 2018, continuing the double digit growth
delivered in prior years.
The Group maintains healthy cash reserves and having seen the
normal seasonal pattern in collections and outflows, expects
operating cash conversion for the 12 months to be over 100%. The
Company has access to a further funding facility from the Bank of
Scotland of up to $50m and the Group continues to investigate
potential opportunities in line with our stated strategy.
With the record sales performance in the previous period,
continued sales momentum and high levels of revenue visibility, the
Board remains confident in meeting market expectations for the full
year ending 30 June 2019.
Notice of Results
The Company will announce results for the six months ended 31
December 2018 on 5 March 2019.
Keith Neilson, CEO of Craneware plc, commented,
"As we close the first half of our financial year, we look to
the future with high levels of confidence. The strength of our
trading performance to date and double-digit rate of growth
demonstrate the ongoing momentum we are experiencing in the
business.
"The depth of our solutions and the value they deliver to all
strata of customers, including large and complex health systems,
allows us to support our customers as they address the challenges
resulting from the continued evolution of the US Healthcare market
and the Affordable Care Act. We are playing an increasingly
strategic role in assisting healthcare providers as they look to
improve and sustain their financial performance, whilst mitigating
operational and compliance risks.
"Our financial strength and high levels of revenue visibility
for future years combine to give management confidence in its
ongoing ability to deliver increasing stakeholder value this year
and in the future."
For further information, please contact:
Craneware plc Peel Hunt Investec Bank Alma
(NOMAD & Joint (Joint Broker) (Financial PR)
Broker)
+44 (0)131 550 +44 (0)20 7418 +44 (0)20 7597 +44 (0)203 405
3100 8900 5970 0212
Keith Neilson, Dan Webster Patrick Robb Caroline Forde
CEO
Craig Preston, George Sellar Sebastian Lawrence Robyn Fisher
CFO Guy Pengelley Henry Reast Josh Royston
About Craneware
Craneware enables healthcare providers to improve margins and
enhance patient outcomes so they can continue to provide quality
outcomes for all.
Craneware is the leader in automated Value Cycle solutions that
help US Healthcare provider organisations discover, convert and
optimise assets to achieve best clinical outcomes and financial
performance. Founded in 1999, Craneware is headquartered in
Edinburgh, Scotland with offices in Atlanta and Pittsburgh
employing over 320 staff. Craneware's market-driven, SaaS solutions
normalise disparate data sets, bringing in up-to-date regulatory
and financial compliance data to deliver value at the points where
clinical and operational data transform into financial
transactions, creating actionable insights that enable informed
tactical and strategic decisions. To learn more, visit
craneware.com and thevaluecycle.com.
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END
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