Barack Obama reforms bode well for Craneware

Published on Monday 6 September 2010 15:45

CRANEWARE chief executive Keith Neilson believes the "best is still to come" after his Livingston-based software company unveiled a record year for sales.

Neilson said Craneware will benefit in the short term from provisions under the American Recovery and Reinvestment Act, one of the first pieces of legislation brought forward by US President Barack Obama.

Hospitals' expenditure is being audited as part of the act and Neilson said the Scots firm's software would help hospitals to keep closer track of payments. In the longer term, he expects to benefit from the wider healthcare reforms on Obama's agenda, as hospitals look to save money and bill patients or their insurers more accurately.

His comments came as Craneware posted a 23 per cent rise in revenue in the year to 30 June to $28.4 million (18.4m), with pre-tax profit up 24 per cent to $7.3m, allowing the firm to recommend a final dividend of 3.3p, taking the total pay-out to 8p, up from 4.7p last year.

Analysts at Numis upgraded Craneware from "add" to "buy".