Business
FY23 Trading Update and Notice of Results
FY23 Trading Update and Notice of Results.
About this update from Craneware Plc
[{"type":"text","content":"\n\nCraneware plc\n \n(\"Craneware\", the \"Craneware Group\", the \"Company\" or the \"Group\")\n \nFY23 Trading Update and Notice of Results\n \n17 July 2023 - Craneware (AIM: CRW.L), the market leader in Value Cycle solutions for the US healthcare market, today provides an update on trading for the year ended 30 June 2023 (FY23).\n \nThe Board is pleased to announce a positive close to the year, as customers and partners began to look forward, beyond the macro difficulties of the recent past. As a result, revenue for the year is expected to be towards the upper end of current market expectations at approximately $174m, a 5% increase over the prior year. This has delivered an adjusted EBITDA increase of approximately 5% to over $54m which represents an EBITDA margin of 31% (FY22: 31%).\n \nA healthy software revenue performance and continued high levels of customer retention have seen Annual Recurring Revenue1 (\"ARR\") growth in the second half of the year, to approximately $169m (31 December 2022: $166.4m).\n \nAs at 30 June 2023, the Group maintained strong operating cash balances of $46.9m (30 June 2022: $47.2m) and total bank debt of $83m (30 June 2022: $111.6m). This further reduction in the overall levels of bank debt is in response to the current interest rate environment and results in a Net Debt/EBITDA ratio of 0.67x (FY22: 1.24x). \n \nThe Company is pleased to announce that it is extending the duration of its share buyback programme for a further three months, under the same terms as previously announced.\n \nOutlook\n \nWith the sales experienced in the final quarter of the year delivering incremental revenues, combined with further sales momentum, the Group has seen a positive start to trading in the new financial year.\n \nThe breadth of solutions the Craneware Group can provide, as well as the power of its operational and administrative platform and data, give the Board confidence in the Group's ability to provide the insights its customers need to deliver greater value healthcare to their communities.\n \nThe Group's balance sheet strength, high levels of ARR and early signs of increasing customer confidence, leave the Group well positioned for FY24 and beyond.\n \nNotice of Results\n \nCraneware will announce its ...