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13 Nov 2024 07:00
Craneware plc
("Craneware" or the "Company")
AGM Statement and Board Changes
13 November 2024 - Craneware (AIM: CRW.L), the market leader in Value Cycle software solutions for the US healthcare market, provides an update on trading ahead of its Annual General Meeting, which takes place at 10am today.
The Board is pleased to confirm that the positive momentum seen in FY24 has continued into the current year, with the prior investments into the Trisus platform supporting continued revenue and EBITDA growth. As a result, the Group continues to trade in line with current market expectations for the year ending 30 June 2025.
Following the election, US hospitals are now preparing for a period of stability and investment in strategic growth. We anticipate this will be a driver of demand for our solutions, as healthcare providers seek to optimise their operational and financial performance and maximise this investment. Alongside the Group's direct sales efforts, the recently signed alliance with Microsoft is progressing well, with Trisus offerings now live on the Azure Marketplace and the first sizeable customer contract secured via the marketplace.
The strength of the Company's balance sheet, high levels of recurring revenue and strong cash generation provide Craneware with solid foundations as it executes on its growth strategy. The Board remains confident in achieving growth acceleration over the near term, creating further long-term value for all stakeholders.
Board Changes
As previously announced, following many years' service on the Board of Directors, Colleen Blye, Senior Non-Executive Director, and Russ Rudish, Non-Executive Director, are not standing for re-election at the Company's AGM later today. The Board thanks them both for their significant contributions to Craneware's success to date.
The Company is pleased to announce the appointment of Tamra Minnier as Non-Executive Director, which will take effect following today's AGM. Tamra is an experienced senior US healthcare executive, currently holding the role of Senior Vice President, Health Services Division, and Chief Quality and Operational Excellence Officer for UPMC, a $27 billion-dollar integrated healthcare delivery and financing system in Pittsburgh, PA. Tamra's role includes overseeing the Wolff Center, the driving force for Quality and Safety, Nursing, Surgical Services, Pharmacy, Imaging and Laboratory Operations for UPMC and responsibility for The Beckwith Institute, a $23 million-dollar foundation supporting innovation in care delivery.
Following the completion of the AGM, David Kemp, will assume the role of Senior Independent Director, as well as continuing his role as Chair of the Audit Committee; Alistair Erskine will assume the role of Chair of the Remuneration Committee, and the appointment of Tamra Minnier will come into effect.
Additional information
The following information is being disclosed pursuant to Rule 17 and paragraph (g) of Schedule 2 of the AIM Rules for Companies in relation to the appointment of Tamra Minnier to the Board.
Tamra E. Minnier, aged 62, has been a director or partner of the following companies or partnerships during the five years preceding the date of this announcement:
Current:
· The United Way of Southwestern Pennsylvania · Phipps Conservatory and Botanical Gardens, Inc. · Aging Institute · Infectious Disease Connect, Inc. · The United Way of Western Pennsylvania
Historic:
· Joint Commission Resources, Inc. · Patient Safety Movement Foundation |
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Save as set out above there are no further disclosures required pursuant to Rule 17 or Schedule Two, paragraph (g) of the AIM Rules for Companies.
For further information, please contact:
Craneware plc | +44 (0)131 550 3100 |
Keith Neilson, CEO | |
Craig Preston, CFO | |
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Alma Strategic Communications (Financial PR) | +44 (0)20 3405 0205 |
Caroline Forde, Kinvara Verdon, Sarah Peters | craneware@almastrategic.com |
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Peel Hunt (NOMAD and Joint Broker) | +44 (0)20 7418 8900 |
Neil Patel, Benjamin Cryer, Kate Bannatyne | |
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Investec Bank PLC (Joint Broker) | +44 (0)20 7597 5970 |
Patrick Robb, Virginia Bull, Shalin Bhamra | |
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Berenberg (Joint Broker) | +44 (0)20 3207 7800 |
Mark Whitmore, Richard Andrews, Dan Gee-Summons |
About Craneware
The Craneware Group (AIM:CRW.L), is the market leader in value cycle solutions. For 25 years, we have collaborated with U.S. healthcare providers to optimize revenue integrity, pricing intelligence, decision support, labor productivity, business of pharmacy, and 340B program management.
Customers choose Trisus®, a HITRUST- and SOC2 Type II-certified, SaaS platform, to achieve operational and financial excellence in pursuit of their healthcare mission - delivering quality care to their communities. The Craneware Group - Transforming the Business of Healthcare.
Learn more at www.thecranewaregroup.com
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