Gulf starts at Sheikh Adi-2 25/05/2012
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Craneware looking solid
US healthcare software specialist Craneware (CRW) has unveiled a 19 per cent increase in full year profits as it benefits from pressures in the sector.
The AIM 100 constituent declared profits of $8.65 million (£5.3 million) on sales up 34 per cent to $38.1 million for the year to June. EPS increased from 21.8 cents to 23.1 cents while cash fell from $29.4 million to $24.2 million. A total dividend of 14.2 cents is to be paid out (2010: 12 cents.)
In an interview with Growth Company Investor chief executive officer Keith Neilson remarked that the rise in sales and profits was driven by 'a combination of increased visibility and organic growth in our order book.' Neilson argued that Craneware was benefiting from the 'ongoing pressures on hospitals in the US due to the greater numbers that now want access to healthcare' opining that to 'maintain margins' and 'keep their doors open' the hospitals were trying to make savings through back office spending on software and operations.
Looking forward he maintained Craneware were focused on integrating ClaimTrust, the US business acquired this February in a deal worth $19.5 million and which has subsequently been renamed Craneware Insight. Furthermore the focus would be on 'building our sales team structure to deal with future demand.'
Analysts at Evolution Securities are forecasting pre-tax profits of $13.1 million (EPS: 35.8 cents) on sales of $55 million for the year to June 2012.
Last recommended by Growth Company Investor at 566.25p this July, Craneware is one of the companies that has been hit by the Eurozone crisis, with the hefty fall in its share price not driven by any fundamental change in the nature of its business. At the current price of 451p, we believe the shares represent a buying opportunity.
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