Craneware plc, the market leader in Value Cycle software solutions for the US healthcare market, has announced its audited results for the year ended 30 June 2023. The company reported a 5% increase in revenue to $174.0m, while adjusted EBITDA increased by 6% to $54.9m. Annual Recurring Revenue (ARR) increased to $169.0m, with a Net Revenue Retention value of 100%. The company also reported a robust operating cash conversion of 92% of adjusted EBITDA. Craneware's total cash and cash equivalents increased to $78.5m, while total bank debt decreased to $83.0m. The company proposed a final dividend of 16.0p per share, up 2% from the previous year.
In terms of operational highlights, Craneware completed the migration of customers onto the Trisus platform, which provides the foundation for future product and customer expansion. The Trisus Chargemaster secured first place in the Chargemaster Management category of the "2023 Best In KLAS Awards: Software & Services," marking the 13th time the Group has won this award. Customer retention remained strong at over 90% during the year. The company continued to invest in R&D and innovation, including the recent launch of Trisus Labor Productivity. Craneware also announced that the total R&D costs that have been capitalized are already covered by the total value of contracts written for the Trisus related products. The company's first third-party partner applications are now accessing the Trisus platform, with the potential to add to ARR in future years.
Looking ahead, Craneware is well positioned for FY24 and beyond with a strong balance sheet, high levels of ARR, and increasing customer confidence. The company expects a more supportive market backdrop following the formal declaration of the end of the COVID-19 public health emergency in the US in May 2023. Craneware has seen continued post-period sales momentum and has a growing pipeline of opportunities. The company remains committed to providing tools for its customers to manage their operations and finances more efficiently, with a focus on the expansion of the Trisus platform. CEO Keith Neilson expressed confidence in the company's resilient business model and its ability to create long-term value for stakeholders.