Craneware revenues remain stable throughout Covid-19 lockdowns

(Sharecast News) - Software group Craneware said on Wednesday that it expected its revenues for the year ended 30 June to be unchanged, despite the Covid-19 pandemic impacting several of its major healthcare clients.
Craneware said total revenues were seen coming in at $71.4m with adjusted underlying earnings increasing 2% to $24.5m and total sales for the year seen up by 3% to $65m.

The AIM-listed group said the figures were the result of "strong" trading in the first nine months of the year, with total sales tracking more than 30% above the prior-year, before travel restrictions and lockdowns imposed as a result of the outbreak impacted sales, professional services, project delivery, the completion of renewals and associated up-sales during the final quarter.

Craneware highlighted that it had retained its focus on cost control throughout the lockdowns and had utilised "no material support" from either the US or UK governments.

The firm, which maintained a "strong" balance sheet at the end of the trading year, noted that while the Covid-19 situation had "eased in some areas", many healthcare providers continued to be under "considerable pressure".

However, Craneware added that its board believe that both the company and its customer base are "strongly placed" to deal with the future impacts of the coronavirus pandemic and for its products to be part of the solution in terms of helping hospital preparedness.

Management also highlighted the company's "strong" balance sheet, with cash reserves standing at roughly $47.6m and no debt, together with undrawn debt facilities of $50m.

The Board's current expectation is to pay a dividend for the year to 30 June 2020, to be announced in September, in line with the Board's usual practice, and will take into account market conditions at that time.

As of 0940 BST, Craneware shares were up 0.60% at 1,685p.