Craneware PLC, a leader in Value Cycle solutions for the US healthcare market, has announced its unaudited results for the six months ended 31 December 2023. The financial highlights include an 8% increase in revenues to $91.2m, an 8% increase in adjusted EBITDA to $27.5m, and a 13% increase in profit before tax to $5.9m. The company also reported a 3% increase in Annual Recurring Revenue to $171.4m and a cash conversion of EBITDA over the last 12 months of 91%.
The operational highlights include a positive response to the recently launched Optimization Suites, a significant increase in sales to both existing and new customers, strong customer retention, and a partner program contributing to revenue growth. The company has continued to invest in R&D and innovation, with the Trisus platform approaching 200 million unique patient encounters, enhancing its competitive strength.
Looking ahead, Craneware PLC sees a strengthening market backdrop with US healthcare and hospital customers re-focusing on their future. The company remains confident in delivering results for the year in line with current consensus and sees clear potential for growth acceleration in the near term.
Keith Neilson, CEO of Craneware PLC, expressed confidence in the company's position, stating, "Our growth in the first half of the year is tangible evidence of the return of healthcare providers' focus to their strategic priorities and their increasing investment in technology to provide the insights to achieve them."
The Chair of Craneware PLC noted an acceleration in revenue growth, driven by growth in recurring revenues and a small, but increasing, contribution from partner revenues. The company's performance in the first half has been driven by the return to more normal conditions in its end markets and a positive start to trading in the new fiscal year.
In conclusion, Craneware PLC's interim results reflect a strong performance, with notable increases in revenues, EBITDA, and profit before tax. The company's strategic investments in technology and innovation, along with a positive market backdrop, position it for further growth and value creation in the near term and the long term.