Craneware delivers healthy rise in full-year profit

Software company Craneware today said it has made a “strong” start to the current year after posting a 6.6 per cent rise in annual profits.

The Edinburgh-based firm, which specialises in developing billing software for US hospitals, posted a pre-tax profit of $11.3 million (£7m) for the year to 30 June, up from $10.6m a year earlier.

Revenues grew 2.7 per cent to $42.6m and the Aim-quoted group said the total value of contracts signed during the year almost doubled to a record $71m.

Chief executive Keith Neilson said: “We have seen signs of growing customer confidence and believe Craneware is increasingly well positioned to address a growing market opportunity in what is the largest software vertical in the world – the US healthcare market.

“We have had a strong start to the current year, carrying on the momentum from the previous year and are confident we have the platform to deliver ongoing increased stakeholder value.”

The board proposed a final dividend of 6.8p a share, to be paid on 16 December. That would give a total payout for the year of 12.5p, up from 11.5p last time.