Craneware plc Trading Update and Notice of Results (7362D)
June 28 2019 - 2:00AM
UK Regulatory
TIDMCRW
RNS Number : 7362D
Craneware plc
28 June 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014.
Craneware plc
("Craneware" or the "Company" or the "Group")
Trading Update and Notice of Results
28 June 2019 - Craneware (AIM: CRW.L), the market leader in
Value Cycle solutions for the US healthcare market, provides an
update on trading to date for the year ending 30 June 2019.
The Group has continued to make progress on its long-term
strategic aim to become ubiquitous in US Hospitals, as the
intelligence layer sitting across all other systems, delivering the
information required to improve financial and operational
performance. This has included the launch of three new products on
the Trisus platform. However, whilst the Group continues to sign
new contracts with hospitals of all strata, the timing and quantity
of sales closed in the second half of the year have been lower than
anticipated, as the market processed these launches.
As a result, revenue growth for the 12 month period over the
prior year is expected to be approximately 6% and adjusted EBITDA
growth approximately 10%. As flagged at the time of the Group's
interim results, capitalised R&D has increased. In the year
this will be approximately $9m (FY18: $4.7m), reflecting the
Group's ongoing commitment to new product development (both
recently released products and further development for the future).
The EBITDA figure has also been adjusted for one-off exceptional
costs of approximately $1.5m relating to professional fees for a
significant and well-advanced acquisition opportunity that the
Group decided not to pursue in the period. Renewal levels remain
within our historic range and the Group maintains healthy cash
reserves.
Notice of Results
Craneware will announce results for the financial year ended 30
June 2019 on 3 September 2019.
Keith Neilson, CEO of Craneware plc, commented,
"As we close our financial year, we continue to look to the
future with high levels of confidence despite our short-term sales
performance in the latter part of the year. We have a significant
and growing pipeline, which we are focused on converting. As a
board we are convinced that our strategy with the Trisus platform
differentiates us from other healthcare solutions vendors,
providing substantial benefits for our customers and will
meaningfully impact the value of healthcare as a whole. This, as we
have demonstrated, will result in substantial improvements to the
financial effectiveness of US Hospital Provider Customers and
therefore significant financial wins for Craneware in the
future.
"This strategy, our financial strength and high levels of
revenue visibility for future years combine to give the board
confidence in Craneware's 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 Hilary Buchanan
CFO
Guy Pengelley Henry Reast Helena Bogle
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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contact rns@lseg.com or visit www.rns.com.
END
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