Craneware Group | 1H25 results – Return to double digit growth
Further to the company's interim trading update, the 10% growth in revenue and adjusted EBITDA translated into an even more impressive increase in adjusted profit before tax of 21% to US$20.6m and an 18% increase in adjusted EPS. Operating cash conversion hit 110% and period end net cash jumped to US$40.6m. Management report that positive trading has continued into the second half of the year and the Board remains confident in achieving results for the year to June 2025 in line with current market expectations. The interim dividend was increased by 0.5p to 13.5p. These results confirm that management are successfully building on the potential of the Trisus platform with the Microsoft Azure alliance now also bearing fruit. Our discounted cash flow-based valuation of 3,106p (from 3,073p) is nearly 80% above the current share price while M&A activity in the UK application software sector continues apace with Darktrace, Eckoh and IQGEO all disappearing into the maw of private equity within the last few months at EV/adjusted EBITDA multiples well above those on which Craneware is trading.Craneware is engaged in the development, licensing and ongoing support of computer software for the U.S. healthcare industry. Co.'s solutions span four product families: Patient Engagement, Charge Capture & Pricing, Revenue Collection & Retention, and Cost Analytics. The patient engagement segment provides: medical necessity & prior authorization, and patient responsibility. The charge capture & pricing segment provides procedures, pharmacy, and supplies. The revenue recovery & retention segment provides billing & claims analysis, audit management, and denials management. The cost analytics segment provides cost of care.
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