Healthcare financial software concern Craneware is bullish after increasing annual profits before tax 133 per cent to $4.2 million (£2.4 million).

The West Lothian-based company, whose products help US hospitals optimise their billing, lifted turnover 24 per cent to $18.7 million in the year to June, helped by increasing fiscal and legislative pressures on US hospitals to improve their financial performance. Chief executive officer Keith Neilson says contracted future revenue at the end of June was 26 per cent up at $29.6 million, as Craneware maintained its leadership of this sector of the US market.

According to Neilson, the company, which raised £5.4 million at 128p when it floated on AIM a year ago and had nearly £12 million cash on 30 June, has begun the current financial year well. He says that Craneware has augmented its ‘high level of visibility over $18.3 million of revenue at the beginning of the year with a strong pipeline of new sales opportunities’.

Craneware shares, recommended by Growth Company Investor at 152p in February, have now reached 219p, valuing the company at £55.7 million. They could have further to go, overall stock market conditions permitting.

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Craneware	AIM	£52.8m	211.50p	0.00p
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