Craneware grows in USA

26/02/2008 Robert Tyerman

Scottish software provider Craneware, whose products help US hospitals optimise billing, is bullish after doubling interim profits to £820,000 pre-tax.

The company, whose £5.4 million AIM float last September was judged IPO of the Year at Growth Company Investor’s recent Quoted Company Awards, increased turnover 24 per cent to £4.35 million in the six months to December. Based in Livingston, West Lothian, with offices in Florida, Arizona and Kansas, Craneware increased its US hospital client list by 96 to 878 on the strength of its flagship product, Chargemaster Toolkit.

Chief executive officer Keith Neilson says the company has attained and maintained number one position in the US hospital market, where, he argues, ‘recent legislative changes have and will continue to work in our favour’, forcing hospitals to manage their cash flows more tightly than before. In November, Craneware, whose contract wins rose 50 per cent year on year in the first half-year, launched Patient Charge Estimator and in January it introduced Pharmacy ChargeLink.

Neilson proclaims, ‘We believe we are continuing to outsell our competition and increase our market share.’ Floated at 128p, Craneware shares now stand at 152.5p, valuing the company at £38 million, and should make further progress, especially if the US dollar recovers against sterling.

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