Craneware set to report double digit revenue and earnings growth

Craneware’s shares jumped on Friday after the company noted the price's recent drop and said it expected to report double digit growth for interim revenues and adjusted EBITDA within a range of 15-20%.

Following on from a record sales performance in the previous period, the healthcare finance services outfit stated that it continued to enjoy strong sales momentum and high levels of revenue visibility, remaining confident in meeting market expectations for the full year ending 30 June 2019.

Keith Neilson, chief executive of Craneware, said: "As we close the first half of our financial year, we look to the future with high levels of confidence. The strength of our trading performance to date and double-digit rate of growth demonstrate the ongoing momentum we are experiencing in the business."

A statement from the AIM-traded company said it had maintained healthy cash reserves after a normal pattern of collections and outflows, leaving the board expecting operating cash conversion for the full-year to be over 100%.

Craneware has also gained access to a further funding facility from the Bank of Scotland of as much as $50m, with further opportunities under investigation by the company.

"Our financial strength and high levels of revenue visibility for future years combine to give management confidence in its ongoing ability to deliver increasing stakeholder value this year and in the future," said Neilson.

Craneware’s shares were up 9.77% at 2,360.00p at 0920 GMT.