Craneware plc (CRW.L), a provider of revenue integrity solutions for the U.S. healthcare market, Monday reported an increase in profit for the six months ended December 31, 2009, helped by a 25% growth in revenue, reflecting a rise in the total value of contracts signed. Further, the company expressed confidence in achieving significant revenue and earnings growth for the full year.
Half-yearly profit before taxation increased by 28% to US$3.30 million from US$2.56 million in the prior year.
For the first half, profit attributable to equity holders of the company rose to US$2.34 million or 0.089 pence per share from US$1.96 million or 0.074 pence per share last year. The results included share options of US$0.98 million for the period and US$1.21 million in the prior year.
Revenue for the period advanced 25% to US$13.26 million from US$10.63 million a year earlier. The company noted that the market dynamics combined with the quality of software and focus on customer support have helped to secure another record half of sales.
The company signed total contracts worth US$25.0 million in the period, including the new multi-year contract signed with North Shore-LIJ Health System, compared to the prior year's total contracts of US$21.8 million, reflecting a 15% increase year-over-year.
Future revenues under contract is increasing to US$71.8 million, while the last year recorded US$60.1 million for the year.
The Board declared an interim dividend of 4.7 pence per share compared to 1.8 pence per share last year, payable on April 1, 2010 to shareholders on the register as at March 5, 2010. The company added that it intends to propose a final dividend, subject to approval at the Annual General Meeting, such that the total dividend for the full year is in line with its stated "progressive" dividend policy. Looking ahead, Keith Neilson, chief executive officer of the company said, "With our sixth new product due to launch this calendar year and our ongoing focus on sales execution, we are confident in our ability to achieve significant revenue and earnings growth and we continue to look to the future with confidence."
CRW.L shares are currently trading at 378.00 pence, up 1.50 pence or 0.40% on the London Stock Exchange.
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