Craneware reports continued 'solid performance'

Healthcare software company Craneware said in an update on Tuesday that it continued to deliver a “solid performance” in the first four months of its new financial year, despite challenges across the US market as it continued its slow recovery post-pandemic.

The AIM-traded firm, which was holding its annual general meeting, said it had seen positive levels of cross-sales and competitive wins, benefitting from the increased breadth of its offering, customer base, team and scale since the acquisition of Sentry Data Systems.

It said it was continuing to manage the impact of inflationary pressures on its cost base.

The firm said the transition of customers to the cloud version of one of its leading offerings, Trisus Chargemaster, was still progressing, with migration on track to be “effectively complete” by the end of the 2022 calendar year.

All customers were now using one or more of the group's cloud offerings, the board confirmed.

The company said it was continuing to invest in its team and operations, including the appointment of a group chief technology officer Abhilesh Gandhi, who would oversee the engineering group and report to the chief executive officer.

Gandhi had more than 20 years of engineering experience, including leading engineering teams at Cerner Corporation and Sentry Data Systems, before taking a leading role on the product board of Craneware.

The directors said there was “continued momentum” across the enlarged group, adding that its success over the last year against the backdrop of Covid provided them with confidence in the firm’s ability to navigate wider macroeconomic challenges.

Craneware also announced the appointment of Anne McCune to the board as an independent non-executive director, with effect from 16 November.

“We are delighted to have attracted executives of such quality and industry experience to Craneware,” said chairman Will Whitehorn.

“Anne and Abhilesh's understanding of the US healthcare market is exceptional, and we are confident they will provide us with valuable insight and strategic guidance as we continue to transform the business of healthcare.”

At 1120 GMT, shares in Craneware were up 2% at 2,040p.

Reporting by Josh White for Sharecast.com.