Craneware secures major contract in US

Healthcare software firm Craneware yesterday said it had won a major contract in the US worth at least $16 million (£11.8m) as it said it was continuing to enjoy doubledigit growth across the business.

The five-year contract with a major healthcare provider, which is already a customer, will see Craneware’s billing software rolled out to more than 75 of its hospitals.

In a trading update also issued yesterday, the Aimquoted firm said it had continued to perform strongly in the first half of its financial year and expects to report increases in both revenue and adjusted earnings in the range of 15-18 per cent for the six months to 31 December, continuing the double-digit growth seen last year.

Cashreserveshaveincreased to more than $50m and Craneware also has a further funding facility available from the Bank of Scotland of up to $50m.

It said it “continues to investigate opportunities to deploy these reserves”.

Chief executive Keith Neilson said the latest updates ”demonstrate the ongoing momentum we are experiencing in the business”.

“The strength of our solutions and the value they deliver allows us to support our customers as they address the challenges resulting from the continued evolution of the US Healthcare market,” he said.

He added the Edinburgh firm’s financial strength and levels of visible revenue “gives management confidence in its ongoing ability to deliver increasing stakeholder value this year and in the future”. 0 ‘Ongoing momentum’ – Craneware’s Keith Neilson