Craneware Regulatory News (CRW)

11 Jan 2008 07:01

Craneware plc11 January 2008 Craneware plc ("Craneware" or the "Company") H1 TRADING UPDATE 11 January 2008 - Craneware plc, (AIM: CRW) a leader in revenue cyclemanagement software solutions for the US healthcare market, is pleased to givean update today on trading during the half year to 31 December 2007. Following the Company's IPO on AIM in September 2007, Craneware has executed onits strategy to further advance its market leading position. In the six monthsto 31 December 2007, the Company signed up 96 new hospitals, compared to 64 inthe previous corresponding period. As a result, the Company's software is nowbeing used in 878 hospitals in the US, up from 800 at the beginning of the year. Revenue for the first half of the year was in line with management expectations,with new sales bookings being over 50% higher than the previous correspondingperiod. Craneware's flagship product, Chargemaster Toolkit(R), was also onceagain named top in its class by the prestigious industry research house KLAS inthe US. As stated at the time of the IPO, the Company believes there is a significantopportunity to sell additional software products into its customer base and assuch has added two further products to its suite aimed at the finance departmentof US hospitals. In November, Craneware launched Patient Charge Estimator(TM),which enables hospitals to efficiently and accurately provide prospectivepatients with estimates of procedural charges. Yesterday the Company launchedPharmacy ChargeLink(TM) which enables hospitals to improve the buying, billing and reimbursement of pharmacy items. Craneware has started the second half of the year with a strong pipeline ofsales prospects and this together with the new product launches gives managementconfidence for the Company's performance for the full year. Overall, significantprogress has been made in H1 and the Company anticipates further positivenewsflow in H2. Craneware will be announcing Interim results on Tuesday 26thFebruary 2008. Keith Neilson, CEO of Craneware, commented, "We are delighted with the progressmade during the first few months of life as a public company. Cranewarecontinues to grow and we have maintained our leading position as a provider ofrevenue cycle management software to US hospitals. The complexity of legislationgoverning this sector, and the high proportion of hospitals still using manualsolutions to manage their revenue cycles, means we are operating in a vibrantmarketplace with opportunity for growth alongside continuing high levels ofcontract renewals. We look forward to updating shareholders in February." For further information, please contact: Craneware plc KBC Peel Hunt ICIS+44 (0)1506 407 666 +44 (0)20 7418 8900 +44 (0)20 7651 8688Keith Neilson, CEO Oliver Scott Tom MoriartySandy McDougall, CFO Deon Veldtman Caroline Evans-Jones About Craneware Founded in 1999, Craneware has headquarters in Livingston, Scotland, withoffices in Florida, Arizona and Kansas, employing approximately 100 staff. TheCompany's flagship product, Chargemaster Toolkit(R) ("CMT"), assists UShealthcare providers in reducing billing errors, ensuring the timely andaccurate submission of claims and managing compliance risk. More informationabout Craneware plc and its services can be found on-line at the Company'scorporate website, www.craneware.com This information is provided by RNS The company news service from the London Stock Exchange