Craneware announces financial results for fiscal year 2013

Craneware (AIM: CRW.L), the leader in automated revenue integrity solutions for the U.S. healthcare market, today announced financial results for its fiscal year 2013 that ended June 30, 2013.

Financial Highlights (U.S. dollars)

• Revenue increased 1% to $41.5m (2012: $41.1m)
• Adjusted EBITDA¹ increased 4% to $12.4m (2012: $11.9m)
• Adjusted profit before taxation increased 4% to $11.2m (2012: $10.8m)
• Profit before tax decreased 5% to $10.6m (2012: $11.2m)
• Basic adjusted EPS increased 4% to 32.9 cents (2012: 31.6 cents), basic EPS decreased 7% to 30.7 cents (2012: 33.0 cents)
• Cash at year end $30.3m (2012: $28.8m) after returning $4.7m to shareholders by way of dividends
• Proposed final dividend of 6.3p (9.6 cents) per share giving total dividend for the year of 11.5p (17.4 cents) (2012: 10.5p /15.9 cents per share)

^1.  Adjusted EBITDA refers to earnings before interest, tax, depreciation, amortization, share based payments, released deferred consideration and transaction related costs

Operational Highlights

• Underlying growth in sales to individual hospitals and small hospital groups
• Exited the year with significantly higher sales run rate than at the start
• Renewal rates over 100% of dollar value
• Products achieved top rankings in their divisions of the KLAS industry awards
• Hospitals continue to face growing financial and administrative pressure including increased audit activity and significant backlogs in the appeal process
• Key appointments increase bandwidth of senior management team

"Overall Group revenue reported in the year was marginally ahead of that of last year, masking the steady growth through the year in sales to individual hospitals, which was very encouraging and a reflection of the more stable trading environment," said Craneware CEO, Keith Neilson. "The strengthening of sales activity has continued and trading in the first few months of the new financial year has been healthy. With a product suite that addresses many of the fundamental financial issues besetting healthcare providers in the U.S., an invigorated sales team and a more stable trading environment, we are confident Craneware has the platform to deliver increased shareholder value in the years ahead."