Craneware FY profits grow, sees 'increased opportunity ahead'

Craneware said revenues were 9% higher in the year ended 30 June at $189.3m, with annual recurring revenue growing from $169.0m to $172.0m and associated net revenue retention remaining strong at 98%.

Adjusted underlying earnings increased 6% to $58.3m, with adjusted basic earnings per share growing 9% to 94.8 cents, while statutory pre-tax profits surged 20% to $15.7m.

Total cash and equivalents, on the other hand, fell from $78.5m to $34.6m but Craneware also highlighted that it had made a "significant reduction" in total bank debt during the year, as its debt position improved from $83.0m to $35.4m.

Craneware also proposed a final dividend of 16.0p per share, unchanged year-on-year, giving a total dividend for the year of 29.0p, up 2% on FY23.

Looking ahead, Craneware said it sees an "increasing opportunity ahead", including accelerated innovation via the alliance with Microsoft, and said momentum has continued post-year end, with good levels of trading and customer confidence, providing confidence in continued growth momentum for FY25, delivering on current expectations and a sustainable return to double-digit growth rates.

As of 0850 BST, Craneware shares had rallied 9.42% to 2,265.0p.

Reporting by Iain Gilbert at Sharecast.com