REG - Craneware plc - Interim Results
04/03/2024 07:00
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RNS Number : 3658F Craneware plc 04 March 2024
Craneware plc
("Craneware", "The Craneware Group", the "Company" or the "Group")
Interim Results
4 March 2024 - Craneware (AIM: CRW.L), the market leader in Value Cycle
solutions for the US healthcare market, is pleased to announce its unaudited
results for the six months ended 31 December 2023 (H1 FY24).
Financial Highlights (US dollars)
· Revenues for the six months increased 8% to $91.2m (H1 FY23: $84.7m)
· Adjusted EBITDA(1) increased 8% to $27.5m (H1 FY23: $25.5m)
· Adjusted profit before tax(2) increased by 8% to $17.0m (H1 FY23: $15.7m)
· Profit before tax increased by 13% to $5.9m (H1 FY23: $5.2m)
· Adjusted Basic EPS increased by 4% to 42.8 cents per share (H1 FY23: 41.0
cents per share)
· Annual Recurring Revenue(3) of $171.4m increased by 3% (H1 FY23: $166.4m)
· Cash conversion of EBITDA over last 12 months of 91% (H1 FY23: 77%)
· Cash reserves of $63.9m (H1 FY23: $90.8m)
· Total Bank Debt of $59.2m (H1 FY23: $107.9m)
· Interim dividend of 13.0p (16.51 cents) per ordinary share (FY23 Interim
dividend 12.5p)
(1) Adjusted EBITDA refers to earnings before interest, tax, depreciation,
amortisation, share based payments and acquisition and integration related
costs
(2) Adjusted profit before tax refers to profit before tax, amortisation of
acquired intangibles and acquisition and integration related costs
(3) Annual Recurring Revenue includes the annual value of licence and related
recurring revenues including transaction revenues as at 31 December 2023 that
are subject to underlying contracts and where revenue is being recognised at
the reporting date
Operational Highlights
· Positive response to recently launched Optimization Suites as a means for
hospitals to strategically address challenges of the healthcare market
· Significant increase in sales to both existing and new customers,
demonstrating improving market backdrop
· Customer retention strong, at above 90% in the period across all measures
· Partner programme contributing to revenue growth, made possible through the
Trisus platform with a pipeline of additional partners being assessed.
Expected to contribute to ARR growth in future periods
· Continued investment in R&D and innovation to capitalise on the
significant market opportunity
· Increasing data sets within the Trisus platform, now approaching 200 million
unique patient encounters, increasing our competitive strength, and providing
further opportunities for product enhancement and new product development to
the benefit of our customers
Outlook
· Market backdrop strengthening with US healthcare and hospital customers
re-focusing on their future
· Continued and growing high levels of contracted Recurring Revenue
· Confident in delivering results for the year in line with current consensus
and see clear potential for growth acceleration in the near term
Keith Neilson, CEO of Craneware plc, commented,
"Our growth in the first half of the year is tangible evidence of the return
of healthcare providers' focus to their strategic priorities and their
increasing investment in technology to provide the insights to achieve them.
"Through our investments in the Trisus platform, Craneware is well positioned
to support our customers in this transformation of the business of US
healthcare, providing us with a sizeable opportunity and growth lasting for
the long term.
"We have entered the second half of the year with good sales momentum and
focus. We remain confident in the delivery of results for the year in line
with current consensus, further growth acceleration over the near term, and
our ability to create further long-term value for all stakeholders."
For further information, please contact:
Craneware plc +44 (0)131 550 3100
Keith Neilson, CEO
Craig Preston, CFO
Alma Strategic Communications +44 (0)20 3405 0205
Caroline Forde, Joe Pederzolli, Kinvara Verdon craneware@almastrategic.com
Peel Hunt (NOMAD and Joint Broker) +44 (0)20 7418 8900
Neil Patel, Paul Gillam, Kate Bannatyne
Investec Bank PLC (Joint Broker) +44 (0)20 7597 5970
Patrick Robb, Cameron MacRitchie
( )
Berenberg (Joint Broker) +44 (0)20 3207 7800
Mark Whitmore, Richard Andrews, Dan Gee-Summons
About Craneware
The Craneware Group (AIM:CRW.L), the market leader in automated value cycle
solutions, including 340B management, collaborates with U.S. healthcare
providers to plan, execute, and monitor operational and financial performance
so they can continue to deliver quality care to their communities. Customers
choose The Craneware Group's Trisus data and applications platform as their
key to navigating the journey to financially sustainable value-based care.
Trisus combines revenue integrity, cost management, 340B performance, and
decision enablement into a single, SaaS-based platform. The Craneware Group -
transforming the business of healthcare.
Learn more at www.thecranewaregroup.com (http://www.thecranewaregroup.com)
Chair Statement
At the time of our Final Results announcement in September last year we noted
an improving outlook for the business, based on a return to more normal
conditions in our end markets and a positive start to trading in the new
fiscal year. I am pleased to report that those green shoots of recovery have
continued, and as a result we have seen a good performance across our
financial metrics in the first half, driven by growth in recurring revenues
and a small, but increasing, contribution from partner revenues.
Acceleration in revenue growth
The Group has seen an acceleration in revenue growth in the period, increasing
by 8% to $91.2m (H1 FY23: $84.7m), with adjusted EBITDA also increasing by 8%
to $27.5m (H1 FY23: $25.5m), in line with Board expectations and maintaining
our target EBITDA margin of 30+%. With much of the sales success in the period
still to convert to revenue in line with our revenue recognition policy,
Annual Recurring Revenue ('ARR(3)') has grown 3% to $171.4m (H1 FY23: $166.4m)
whilst retaining a Net Revenue Retention of 100%.
The Group has accelerated the use of its cash reserves to offset the Revolving
Credit Facility (RCF), in addition to its scheduled term debt repayments,
thereby reducing interest costs. The resulting lower interest rate charges
combined with the growth in the period, contributed to an Adjusted EPS of 42.8
cents per share (H1 FY23 41.0 cents per share), an increase of 4% over the
comparative prior year period.
The Group has a strong balance sheet, with total bank debt reduced to $59.2m
(H1 FY23: $107.9m) while maintaining a further $60m of available RCF and
healthy total cash reserves of $63.9m, (H1 FY23: $90.8m,); providing the Board
with confidence to maintain investment levels in the business, to support our
continuing growth aspirations.
As announced in January 2024, the Board has agreed it is appropriate to extend
the share buyback programme, which was due to expire on 17 January 2024, for a
further three months to 17 April 2024, under the same terms as previously
announced.
A healthy outlook
Through Trisus, our cloud-based data analytics and intelligence platform, our
extensive customer base and data sets covering approaching 200 million unique
patient encounters, we can be a leading player in the digitalisation of US
healthcare. The team is focused on capturing this opportunity through product
and partner expansion and the delivery of value to our extensive Provider
customer base.
The improving market backdrop, along with a positive response to both the
recently launched Optimization Suites and innovative new partnerships, means
Craneware has entered the second half of the year in a strong position.
The Group's balance sheet strength, high levels of ARR and increasing customer
confidence, leave the Group well positioned for the remainder of FY24 and
beyond and the Board remains confident in the accelerating growth momentum and
the return to double digit growth rates in the near term.
Will Whitehorn
Chair
4 March 2024
Strategic Report
We are pleased to report on a positive performance during the first half of
the year, in which we delivered growth in revenue and EBITDA, while executing
on our strategy. Our focus on the expansion of the Trisus product offering,
through both our own development and innovative partnerships, has successfully
delivered expansion and revenue growth. Our newly launched Optimization Suites
have improved our new customer wins, providing more strategic solutions to
address their challenges, as well as driving increased upsell within our
existing customer base, enabling them to unlock additional benefits from the
Trisus platform.
We continue to see the US healthcare market returning their focus to strategic
priorities, leading to an improving market backdrop and confidence in
continued revenue acceleration in future years.
Digitalisation of US Healthcare
The US healthcare market continues to experience challenges across three broad
areas: clinical, financial and operational. These include the opioid epidemic,
a mental health crisis, the increasing cost of prescription drugs, medical
procedures and associated insurance premiums, the shortage of healthcare
professionals and wage inflation.
The combination of these factors means our customers are consistently being
asked to do more, with less, while improving patient care. We believe the key
to successfully achieving that is through accurate, accessible and meaningful
data and insights, providing the ability to deliver enhanced services,
improved infrastructure, governance and the ability to make more informed
choices around resource allocation.
However, to make those choices our customers need to be able to manage and
analyse vast amounts of data, which presents significant and costly challenges
for hospitals, like scalability, interoperability, processing costs, security,
and compliance.
Our vision is for the Trisus platform and its applications to address these
challenges, through connected technology in the cloud.
Trisus combines revenue integrity, cost management and decision enablement
into a single cloud-based platform. The platform brings together siloed data
from the various existing software systems in a hospital or healthcare system,
normalises that data and applies prescriptive analytics to provide insights to
support informed decision making regarding a hospital's finances and
operations, in one place.
We provide customers with the ability to build effective strategies related to
revenue, pricing, cost, and compliance to mitigate the internal and external
challenges described above, delivering real financial returns and freeing up
resources that can be re-invested and re-deployed by healthcare providers to
support the clinical care of their communities and tackle their clinical
challenges.
We believe the digitalisation of healthcare and improvement of processes using
data insights will provide the foundation for value-based care and enable the
transformation of the business of healthcare.
Growth Strategy - innovation to profoundly impact US healthcare operations,
which will drive demand and expand our addressable market.
To date, our growth has been driven through increases in market share and
product set penetration (land & expand). In recent years, we have invested
in the development of the Trisus platform; a sophisticated cloud delivered
data aggregation and intelligence platform which will be the foundation for
our future growth.
We are building on top of Trisus to strengthen our current products, leverage
our data assets to expand our offering, integrate third party solutions to the
platform and benefit from the scalability of cloud-technology.
Through our 20+ year history in the US healthcare market, we have collected
our own unique and extensive data set, which we believe contains the insights
that will generate our products of the future. While we have always had a team
analysing this data, the growth in artificial intelligence ("AI") and machine
learning ("ML") means it is now easier and faster to do so, particularly when
combined with the large language training capabilities of our own proprietary
data. Meanwhile, we are also using AI across the organisation for efficiency
and productivity gains.
Two Growth Pillars
Our growth strategy has two fundamental growth pillars:
1. Platform enhancements to increase ease of use and interoperability of
the platform
With all customers now connected to, and benefitting from, the Trisus
platform, our focus is on enhancing the attractiveness and value of the
platform. This includes three areas of work:
· the ongoing reengineering of existing offerings into cloud-based applications;
· the growth of our data sets within the platform, to support future product
expansion; and
· our Data Foundations programme which aims to increase the speed and ease of
hospitals' interaction with the platform and interoperability of applications
on the platform.
Existing product improvements
The continual improvement of our existing offerings is an ongoing process.
Combinations of new technology and their novel applications give speed,
productivity and efficiency gains that benefit the ease of use of our
offerings by our customers.
Growth of our data sets
The depth of our product offering continues to grow through the mining of the
proprietary and regulatory data that we collect, identifying new ways the data
can illuminate and support decision making within the hospital provider
environment. We now have datasets for nearly 200 million unique patient
encounters, providing incredibly valuable insights for our customers.
Whilst our Revenue Integrity and 340B related software applications sit on
different technology stacks within the Trisus platform, they both supplement
and further enrich the Trisus data sets. Eventually the work we are doing with
our Trisus Data Foundations programme will enable the full integration of
these stacks, making our offerings even more attractive to customers as the
speed and depth of insights available is increased.
Data Foundations
As part of our Data Foundations programme of work, we are utilising the
advances in AI and ML data processing to increase the interoperability and
connectivity of our applications, while making the platform's back-end
processes more efficient and effective.
2. Value driven Customer Expansion
With the first stage of cloud-based enhancements for existing products now
complete, we can turn our focus to the development of new applications and the
extension of existing applications, to expand our capabilities and the
benefits derived by our Provider customers. We anticipate our customers'
success will in turn encourage new Providers to visit or re-visit the
Craneware Group's solutions, which will facilitate a greater level of cross
sale and product penetration across our extensive customer base and the wider
US Hospital market over time, driving further growth in ARR as part of an
ongoing cycle of transforming the business of healthcare and winning new
customers.
Growth in ARR
ARR at 31 December 2023 increased by 3% to $171.4m (H1 FY23: $166.4m),
demonstrating the Group's continued high levels of contracted revenue
visibility. We continue to see the opportunity to accelerate ARR growth over
the medium term, both as our initial partnership programs mature and begin
generating demonstrable recurring revenue and we unlock the considerable cross
and upsell opportunities within our enlarged customer base. Group Net Revenue
Retention was 100% for the six months to 31 December 2023. Customer retention
for the period exceeded 90%, which is testament to the value Craneware brings
to its customer base.
Six Trisus® Optimization Suites
The Trisus software applications and corresponding service offerings have now
been grouped into six Trisus® Optimization Suites, bringing together the
solutions that address specific strategic and tactical issues facing
healthcare providers and are powered by the same sub-set of customer data.
Through packaging the applications into suites, we aim to make it easier for
our customers to identify which of our multiple additional applications are
likely to unlock immediate value and address their challenges most
effectively, based on their existing data within the Trisus platform.
The Optimization Suites are: Trisus Pricing Integrity, Trisus Data Integrity,
Trisus Business of Pharmacy, Trisus Revenue Protection Optimization, Trisus
Charge Capture Optimization and Trisus Value-based Margin & Productivity.
We have seen a very strong response from the market to these suites and their
ability to address issues being faced by hospitals at a more strategic level,
providing hospitals with a single vendor rather than multiple point solutions.
Sales mix
We have seen a significant increase in all sales segments, further
demonstrating the US healthcare industry's returning focus to strategic
priorities out with the Healthcare emergency of last year. The proportion of
sales coming from each segment remained broadly consistent with the prior
year.
Expansion sales to existing customers represents 78% of our total 'new' sales
in the period (H1 FY23: 79%), demonstrating the positive response of our
customers to the increased ROI derived from the uptake of our partner
programme, our additional cloud applications and the packaging of applications
and services into our Optimisation Suites.
Sales to new customers as a percentage of our total new sales is 22% (H1 FY23:
21%).
Positive market response to newly launched Trisus Labor Productivity
We are pleased with the level of initial sales following the launch of Trisus
Labor Productivity towards the end of the financial year. TLP enables our
customers to optimise their staffing by department or organisation, providing
insights into daily staffing and productivity outcomes using detailed
analytics and predictive modelling, thereby reducing costs and confusion for
greater efficiency.
Growing partner revenues
We see an overwhelming advantage in enabling select third parties and third
party application providers to sit on the Trisus platform. Our Provider
customers will benefit from increased value from the third parties' solutions
being provided in an efficient and secure manner through the Trisus platform.
The application providers can benefit from access to our unique positioning
and data sets, and we can benefit from new revenue opportunities and
additional business models.
Revenue from these partnerships, which are not directly derived from Trisus
applications, are initially categorised as Other Income. We will seek to
transition the majority into recurring revenue models, adding to our ARR,
although the nature of the offering may be such that this is not applicable.
We now have our initial partners successfully generating revenue, and a
building pipeline of additional partner opportunities, which will be
rigorously assessed prior to inclusion in our partner programme.
M&A
While organic growth across our portfolio remains the priority, we continue to
evaluate the market for M&A opportunities and will continue to pursue
strategically aligned companies that will accelerate our growth strategy. We
maintain the same four key acquisition criteria of which target companies must
fit into at least one, being: the addition of relevant data sets; the
extension of the customer base; the expansion of expertise; and the addition
of applications suitable for the US hospital market. We view our partnering
programme as a potential source of future M&A activity, provided this
would deliver mutual benefits to all parties.
Our Community, People & Environment
Community, People & Environment are the three focus areas for our ESG
efforts. Our solutions benefit society; they continue to deliver value for our
customers, through the provision of accurate financial data, insight and
analytics, that can be reinvested to support our customers in the provision of
care to their communities. In addition, our 340B pharmacy solutions enable our
customers to generate cost savings which go directly to the provision of care
for the underserved in their communities. The Craneware Group is also directly
involved with the 340B Matters initiative, which aims to educate the market
regarding the importance of the 340B program for the non-profit healthcare
facilities that provide accessible and affordable care within their
communities.
In the period our customers have seen almost $1bn in benefit from utilising
our solutions, helping to stretch scarce federal resources as far as possible,
reach more eligible patients and provide more comprehensive services.
Complementing our purpose and reflecting the causes which are important to our
employees, we continue to develop programmes and opportunities to positively
and directly impact the communities around us. This is achieved through
initiatives driven by our employees through Craneware Cares and the Craneware
Cares Foundation. In the period, employees have supported a number of charity
events such as walking the seven hills of Edinburgh for Cancer Research UK.
We recognise the value of our people and that supporting our customers and the
achievements of the Group is due to their efforts. Our team is a talented mix
of employees from diverse backgrounds, which brings a high level of innovation
and collaboration. We believe in the importance of fostering a team
environment while also celebrating the individuals within the team. We
continue to invest in the team, our facilities and working practices and we
welcome feedback and suggestions for improvements through a range of employee
engagement mechanisms. In the period we have held sessions under our Craneware
Spaces DEI programme and relaunched our Employee Advisory Group.
We continue to focus efforts on progressing our environmental initiatives. In
the period we have closed our Atlanta office and made significant progress in
the relocation of our office in the Deerfield Beach location both with a
particular view to minimise our environmental impact. As previously committed,
in FY24 we will also progress our climate scenario planning and identifying
metrics and KPI's towards our pathway to net zero.
Financial Review
As announced in our January trading statement, we are pleased to report 8%
increases in both Revenue and EBITDA in the period. Revenue has grown to
$91.2m (H1 FY23: $84.7m) and there has been a corresponding increase in
Adjusted EBITDA to $27.5m (H1 FY23: $25.5m). These results reflect the
improving US Healthcare market landscape, as US hospitals shift from their day
to day tactical survival, necessary in recent times, to strategically planning
for their future.
We were pleased to see growth in our contracted Recurring Revenue in the
period, consisting of Software licencing, Transaction and recurring
Professional Services revenue, as well an initial contribution from partners.
We have not yet seen the benefit from new sales secured in the period within
our reported revenue. Due to our revenue recognition policies, these will
start to contribute in future periods.
In last year's report, we identified the effect the macro-economic
environment, especially increasing interest rates, was having on our results,
primarily to Adjusted EPS. To mitigate this, we took the strategic decision to
utilise the cash reserves of the Group, to accelerate the reduction in our
overall levels of Bank debt. In addition to our scheduled term payments we
have offset the outstanding balance on our Revolving Credit Facility (bank
debt) by $20m in June 2023, and then by a further $20m in August 2023 while
retaining access to the overall Facility of up to $100m, if required. The
resulting lower interest rate charges combined with the growth in the period,
partially offset by increased UK corporation tax, share based payments and
amortisation have contributed to an Adjusted EPS of 42.8 cents per share (H1
FY23 41.0 cents per share), an increase of 4% over the comparative prior year
period.
A small but important part of the success in the period has been our
partnership programme announced last year. These partnerships build on our
ability to leverage the Trisus platform in new and innovative ways. This can
be through the use of the data assets within Trisus to directly support our
customers or through hosting third party applications on the platform.
Initially, these revenues are not deemed to be recurring in their nature and
as such are reported as "Other Income" and, as a result the $5.6m reported in
the period, is not included in our ARR. However, we expect many of our partner
opportunities to ultimately become recurring and add to our future reported
ARR.
Investment in R&D
We believe the digitalisation of healthcare and the improvement of processes
using data insights will provide the foundation for value-based care and
enable the transformation of the business of healthcare. Our enlarged
portfolio of products means we can do even more to support our customers in
their strategic needs. The real financial returns our solutions deliver, can
be re-invested by our customers to support the clinical care they provide for
their communities. It is therefore essential we continue to make the right
investments in our future as we develop further ways of supporting our
customers.
We have continued to invest in R&D, increasing spend in the period by 10%
to $25.0m (H1 FY23: $22.7m). The amount of this investment capitalised in the
period has remained consistent in percentage terms at approximately 31% of the
total investment, being $7.9m (H1 FY23: $7.0m), the balance of $17.1m (H1
FY23: $15.7m) has been expensed as incurred. We maintain strong controls over
the amounts we invest in R&D, including any that are capitalised to ensure
that they will bring future economic benefit to the Group, and we confirm this
by monitoring the value of contracts sold for these new products, once
launched comparing these against the costs that have been invested.
Cash Reserves
We continue to maintain healthy cash reserves, which at the period end were
$63.9m (H1 FY23: $90.8m Restated) with an undrawn RCF of $60m. These balances
include headroom that will be used to service amounts due to customers of
$68.5m (H1 FY23: $51.4m). Our total bank debt has reduced to $59.2m (H1 FY23:
$107.9m), which represents a comfortable level of debt for the business given
our levels of EBITDA.
From our cash reserves, we have returned $7.0m to our shareholders through
dividends and the ongoing share buyback programme detailed below as well as
making the made the $25.0m investments in R&D. Our business model is
highly cash generative, and we continue to deliver significant levels of
operating cash conversion, in the last 12 months we achieved 91% cash
conversion.
Whilst it is clear that macroeconomic challenges remain, it is pleasing to
report that both the Craneware Group and our end market continue to navigate
these, and the green shoots of recovery identified in our last report, have
continued.
Underlying Business Model and Professional Services
The new software contracts we sign with our hospital customers provide a
licence for the customer to access specified products throughout their licence
period. At the end of an existing licence period, or at a mutually agreed
earlier date, we look to renew these contracts with our customers.
In addition to the core licences, our 340B customers can add further licences
to provide 340B coverage to eligible patients who, rather than return to the
hospital for their prescriptions, have these filled at local contract
pharmacies or mail order specialised pharmacies. These further licences often
include transactional based licence fees and other services. Due to the
transactional nature of these licences, revenue recognition begins after the
pharmacy go-live rather than, the standard, on contract signature and software
becoming available. These transactional services, whilst highly dependable,
will see some variation month to month dependent on volume of transactions.
Under the Group's business model, we recognise software licence revenue and
any minimum payments due from our 'other long term' contracts evenly over the
life of the underlying contract term. Transactional services are recognised
as we provide the service, and we are contractually able to invoice the
customer.
In addition to the licence revenues recognised in any year, we derive revenue
from providing services to our customers. These revenues are usually
recognised as we deliver the service to the customer, on a percentage of
completion basis. We have also launched our partnership programme, which is
described above, initially and whilst this revenue is not deemed recurring in
its nature, it is separately disclosed as "Other income" and recognised as we
are able to invoice. Over time we expect much of this revenue to become
recurring and as such will be reported within Software licence or
Transactional revenue, as appropriate.
Annual Recurring Revenue
By renewing our underlying contracts, and ensuring we continue to deliver the
transactional services to our customers we sustain a highly visible recurring
revenue base, which means sales bookings of new products to existing customers
or sales bookings to new hospital customers add to this recurring revenue.
Our ARR metric identifies and demonstrates the Group's continued high levels
of contracted revenue visibility. It is defined as the annual value of licence
and recurring revenues including transaction revenues as at 31 December 2023
that are subject to underlying contracts and where revenue is being recognised
at the reporting date. We also report our Net Recurring Revenue metric which
identifies the contribution from our existing customer base, and in the period
was 100%. The Group's ARR at 31 December 2023 is $171.4m (H1 FY23: $166.4m).
We expect further growth in this metric as additional revenues generated from
our partnership contracts are identified as recurring.
Share Buyback programme
The share buyback programme (of up to £5 million) announced in April 2023,
has continued throughout this period. The shares purchased through this
programme are held in treasury and will be used to satisfy employee share plan
awards.
Under this programme we have purchased 289,297 Ordinary Shares (H1 FY23: nil)
at a total cost of £4.07 million ($5.06 million). These shares represent
0.81% of the Company's issued Ordinary Shares and are being held in treasury
at 31 December 2023, other than 96,994 of those Ordinary Shares which have
been used to satisfy employee share plan awards. The Board considers that a
share buyback provides a flexible use of cash to deliver value for
shareholders by offsetting future dilution from existing employee share plans
and as such the share buyback programme continued after 31 December 2023 and
is ongoing at the time of approval of this report.
Functional Currency
We continue to report the results (and hold the cash reserves) of the Group in
US Dollars, whilst having approximately 20% percent of our costs, mainly our
UK employees and UK purchases, denominated in Sterling. The average exchange
rate for the Company during the reporting period was $1.25/£1 which compares
to $1.18/£1 in the corresponding period last year. The exchange rate at the
Balance Sheet date was $1.27/£1 (H1 FY23: $1.21/£1).
Dividend
The Board has declared a dividend of 13.0p (16.51 cents) per ordinary share,
payable on 15 April 2024 to those shareholders on the register as at 22 March
2024 (FY23 Interim dividend 12.5p). The ex-dividend date is 21 March 2024.
The interim dividend of 13.0p per share is capable of being paid in US dollars
subject to a shareholder having registered to receive their dividend in US
dollars under the Company's Dividend Currency Election, or who has
registered to do so by the close of business on 22 March 2024. The exact
amount to be paid will be calculated by reference to the exchange rate to be
announced on 22 March 2024. The interim dividend referred to above in US
dollars of 16.51 cents is given as an example only using the Balance Sheet
date exchange rate of $1.27/£1 and may differ from that finally announced.
Outlook
Our growth in the first half of the year is tangible evidence of the return of
healthcare providers' focus to their strategic priorities and their increasing
investment in technology to provide the insights to achieve them.
Through our investments in the Trisus platform, Craneware is well positioned
to support our customers in this transformation of the business of US
healthcare, providing us with a sizeable and growth lasting for the long term.
We have entered the second half of the year with good sales momentum and
focus. We remain confident in the delivery of results in line with current
consensus, further growth acceleration over the near term, and our ability to
create further long-term value for all stakeholders.
Keith Neilson Craig Preston
CEO Craneware plc CFO Craneware plc
4 March 2024 4 March 2024
Consolidated Statement of Comprehensive Income
unaudited unaudited audited
H1 2024 H1 2023 FY 2023
Notes $'000 $'000 $'000
Revenue from contracts with customers 1 91,214 84,671 174,018
Cost of sales (13,155) (12,415) (25,576)
Gross profit 78,059 72,256 148,442
Other income 1 13 600
Operating expenses (69,066) (63,674) (131,876)
Net impairment charge on financial and contract assets (648) (190) 2,062
Operating profit 8,346 8,405 19,228
Analysed as:
Adjusted EBITDA(1) 27,517 25,467 54,892
Share-based payments (2,211) (1,227) (2,992)
Depreciation of property, plant and equipment (1,672) (1,712) (3,451)
Amortisation of intangible assets - other (4,230) (3,632) (7,781)
Amortisation of intangible assets - acquired intangibles (10,460) (10,468) (20,930)
Exceptional costs(2) (598) (23) (510)
Finance income 362 35 214
Finance expense (2,785) (3,221) (6,357)
Profit before taxation 5,923 5,219 13,085
Tax on profit on ordinary activities (1,859) (1,287) (3,853)
Profit for the period attributable to owners of the parent 4,064 3,932 9,232
Other comprehensive income/(expense)
Items that may be reclassified subsequently to profit or loss
Total items that may be reclassified subsequently to profit or loss - - -
Total comprehensive income attributable to owners of the parent 4,064 3,932 9,232
(1)See note 15 for explanation of Alternative Performance Measures.
(2) Exceptional items relate to integration costs associated with the purchase
of Sentry Data Systems, Inc
Earnings per share for the period attributable to equity holders
- Basic ($ per share) 2 0.116 0.112 0.263
- Adjusted Basic ($ per share)(1) 2 0.428 0.410 0.870
- Diluted ($ per share) 2 0.115 0.111 0.261
- Adjusted Diluted ($ per share)(1) 2 0.425 0.406 0.863
Consolidated Statement of Changes in Equity
Share Capital Share Premium Capital Redemption Reserve Merger Reserve Other Reserves Retained Earnings Total
Treasury Shares
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
At 1 July 2022 659 97,204 - 9 186,981 5,933 42,236 333,022
Total comprehensive income - profit for the period - - - - - - 3,932 3,932
Transactions with owners:
Share-based payments - - - - - 1,244 - 1,244
Impact of share options and awards exercised/lapsed - - - - - - (695) (695)
Dividends - - - - - - (6,645) (6,645)
At 31 December 2022 659 97,204 - 9 186,981 7,177 38,828 330,858
Total comprehensive income - profit for the period - - - - - - 5,300 5,300
Transactions with owners:
Share-based payments - - - - - 1,987 - 1,987
Purchase of own shares through EBT - - - - - - (179) (179)
Purchase of own shares through share buyback - - (3,865) - - - - (3,865)
Deferred tax taken directly to equity - - - - - - (1,004) (1,004)
Impact of share options and awards exercised/lapsed - - 128 - - (2,324) 2,414 218
Dividends - - - - - - (5,474) (5,474)
At 30 June 2023 659 97,204 (3,737) 9 186,981 6,840 39,885 327,841
Total comprehensive income - profit for the period - - - - - - 4,064 4,064
Transactions with owners
Share-based payments - - - - - 2,062 - 2,062
Purchase of own shares through EBT - - - - - - (534) (534)
Purchase of own shares through share buyback - - (1,191) - - - - (1,191)
Deferred tax taken directly to equity - - - - - - - -
Impact of share options and awards exercised/lapsed - - 1,279 - - - (2,174) (895)
Dividends - - - - - - (7,046) (7,046)
At 31 December 2023 659 97,204 (3,649) 9 186,981 8,902 34,195 324,301
Consolidated Balance Sheet as at 31 December 2023
unaudited Restated(3) audited
H1 2024 unaudited FY2023
H1 2023
Notes $'000 $'000 $'000
ASSETS
Non-Current Assets
Property, plant and equipment 7,421 7,975 8,464
Intangible assets - goodwill 3 235,236 235,236 235,236
Intangible assets - acquired intangibles 3 155,867 176,789 166,327
Intangible assets - other 3 53,932 46,393 50,230
Trade and other receivables 4 2,530 2,992 2,758
454,986 469,385 463,015
Current Assets
Trade and other receivables 4 55,456 44,792 35,424
Cash and cash equivalents 63,895 90,810 78,537
119,351 135,602 113,961
Total Assets 574,337 604,987 576,976
EQUITY AND LIABILITIES
Non-Current Liabilities
Borrowings 6 51,210 99,908 75,033
Deferred income 1,917 3,833 2,875
Leased property 1,874 747 2,224
Hire purchase equipment - 104 44
Deferred tax 41,337 44,417 41,337
Other provisions 187 433 243
96,525 149,442 121,756
Current Liabilities
Borrowings 6 8,000 8,000 8,000
Deferred income 61,404 52,542 49,643
Amounts held on behalf of customers 68,502 51,358 51,220
Tax payable 601 - 2,565
Trade and other payables 5 15,004 12,787 15,951
153,511 124,687 127,379
Total Liabilities 250,036 274,129 249,135
Equity
Share capital 7 659 659 659
Share premium account 97,204 97,204 97,204
Treasury shares (3,649) - (3,737)
Capital redemption reserve 9 9 9
Merger reserve 186,981 186,981 186,981
Other reserves 8,902 7,177 6,840
Retained earnings 34,195 38,828 39,885
Total Equity 324,301 330,858 327,841
Total Equity and Liabilities 574,337 604,987 576,976
(3)H1 2023 has been updated to reflect the restatements to Goodwill, Trade and
other receivables, Current and Non-current deferred income and Trade and other
payables in the opening balances for FY22 as disclosed in FY23. For full
details of the restatement see Note 26 in the FY23 Annual report and Financial
Statements.
Consolidated Statement of Cash Flow
unaudited unaudited audited
H1 2024 H1 2023(4) FY 2023
Notes $'000 $'000 $'000
Cash flows from operating activities
Cash generated from 8 33,395 66,234 100,591
operations
Tax paid (3,822) (1,483) (1,843)
Net cash generated from operating activities 29,573 64,751 98,748
Cash flows from investing activities
Purchase of property, plant and equipment (625) (336) (520)
Capitalised intangible assets (7,931) (7,045) (15,031)
Interest received 252 35 214
Net cash used in investing activities (8,304) (7,346) (15,337)
Cash flows from financing activities
Dividends paid to company shareholders (7,046) (6,645) (12,119)
Proceeds from issuance of treasury shares 240 - 138
Loan arrangement fees - - (252)
Repayment of borrowings (24,000) (4,000) (28,000)
Interest on borrowings (2,525) (2,824) (6,503)
Purchase of own shares by EBT (534) (36) (179)
Share buyback programme (1,292) - (3,815)
Payment of lease liabilities (754) (1,498) (2,552)
Net cash used in financing activities (35,911) (15,003) (53,282)
Net (decrease) / increase in cash and cash equivalents (14,642) 42,402 30,129
Cash and cash equivalents at the start of the period 78,537 47,157 47,157
Opening restricted cash previously excluded from cashflow - 1,251 1,251
Cash and cash equivalents at the end of the period 9 63,895 90,810 78,537
(4)Restricted cash was not included within cash and cash equivalents on the
Balance Sheet or Statement of Cashflows in the prior period. As the Group is
unable to hold these amounts outside its own treasury facilities, these
'restricted cash' balances are now incorporated within cash and cash
equivalents for FY23 onwards and therefore the H1 2023 balances have been
updated to reflect this. See the FY23 Annual Report and Financial Statements
for further information.
Notes to the Financial Statements
1. Revenue from contracts with customers
The chief operating decision maker has been identified as the Board of
Directors. The Group revenue is derived almost entirely from the sale of
software licences, professional services (including installation) and
transactional fees to hospitals and affiliated pharmacies within the United
States of America. Consequently, the Board has determined that Group supplies
only one geographical market place and as such revenue is presented in line
with management information without the need for additional segmental
analysis. All of the Group's assets are located in the United States of
America with the exception of the Parent Company's, the net assets of which
are located in the United Kingdom.
unaudited unaudited audited
H1 2024 H1 2023 FY 2023
$'000 $'000 $'000
Software licencing 69,991 70,395 143,125
Professional services - recurring 1,221 2,326 3,350
Transactional revenue 10,283 7,518 16,018
Contracted recurring revenue 81,495 80,239 162,493
Professional services - non-recurring 4,121 4,432 10,391
Other revenue 5,598 - 1,134
Total revenue 91,214 84,671 174,018
Software licensing and professional services are recognised over time.
Transactional fees and other revenue are recognised at a point in time.
2. Earnings per Share
The calculation of basic and diluted earnings per share is based on the
following data:
Weighted average number of shares
unaudited unaudited audited
H1 2024 H1 2023 FY 2023
No. of Shares No. of Shares No. of Shares
000s 000s 000s
Weighted average number of Ordinary Shares for the purpose of basic earnings 34,962 35,194 35,146
per share (excluding own shares held)
Effect of dilutive potential Ordinary Shares: share options and LTIPs 252 310 289
Weighted average number of Ordinary Shares for the purpose of diluted earnings 35,214 35,504 35,435
per share
The Group has one category of dilutive potential Ordinary shares, being those
granted to Directors and employees under the share schemes.
Shares held by the Employee Benefit Trust and Treasury Shares held directly by
the Company are excluded from the weighted average number of Ordinary shares
for the purposes of basic earnings per share.
Profit for period
unaudited unaudited audited
H1 2024 H1 2023 FY 2023
$000's $'000s $000's
Profit for the period attributable to equity holders of the parent 4,064 3,932 9,232
Acquisition integration costs (tax adjusted) 449 28 405
Amortisation of acquired intangibles (tax adjusted) 10,460 10,468 20,930
Adjusted profit for the period attributable to equity holders of the parent 14,973 14,428 30,567
Basic earnings per share are calculated by dividing the profit attributable to
equity holders of the Company by the weighted average number of shares in
issue during the period.
For diluted earnings per share, the weighted average number of Ordinary shares
calculated above is adjusted to assume conversion of all dilutive potential
Ordinary shares.
Earnings per share
unaudited unaudited audited
H1 2024 H1 2023 FY 2023
cents cents cents
Basic EPS 11.6 11.2 26.3
Diluted EPS 11.5 11.1 26.1
Adjusted basic EPS 42.8 41.0 87.0
Adjusted diluted EPS 42.5 40.6 86.3
3. Intangible assets
Goodwill Customer Relationships Proprietary Software Development Costs Computer Software Total
Trademarks
$'000 $'000 $'000 $'000 $'000 $'000 $'000
Cost
At 1 July 2023 235,486 153,964 52,724 5,000 71,056 4,461 522,691
Additions - - - - 7,927 5 7,932
At 31 December 2023 235,486 153,964 52,724 5,000 78,983 4,466 530,623
Accumulated amortisation and impairment
At 1 July 2023 250 22,773 21,494 1,094 22,084 3,203 70,898
Charge for the period - 5,032 5,150 278 3,673 557 14,690
At 31 December 2023 250 27,805 26,644 1,372 25,757 3,760 85,588
Net book value at 31 December 2023 235,236 126,159 26,080 3,628 53,226 706 445,035
Net book value at 30 June 2023 235,236 131,191 31,230 3,906 48,972 1,258 451,793
4. Trade and other receivables
unaudited Restated(3) audited
H1 2024 unaudited FY 2023
H1 2023
$'000 $'000 $'000
Trade receivables 44,130 38,257 27,594
Less: provision for impairment of trade receivables (2,773) (6,075) (3,421)
Net trade receivables 41,357 32,182 24,173
Other receivables 1,548 1,383 1,024
Current tax receivable - 3,130 -
Prepayments and accrued income 10,596 6,131 8,270
Deferred contract costs 4,485 4,958 4,715
57,986 47,784 38,182
Less non-current deferred contract costs (2,530) (2,992) (2,758)
Trade and other receivables 55,456 44,792 35,424
------(3)H1 2023 has been updated to reflect the restatement to Current tax
receivable in the opening balances for FY22 as disclosed in FY23. For full
details of the restatement see Note 26 in the FY23 Annual report and Financial
Statements.
There is no material difference between the fair value of trade and other
receivables and the book value stated above. All amounts included within trade
and receivables are classified as financial assets at amortised cost.
5. Trade and other payables
unaudited Restated(3) audited
H1 2024 unaudited FY 2023
H1 2023
$'000 $'000 $'000
Trade payables 5,044 3,349 4,005
Lease creditor due < 1 year 1,032 1,150 1,389
Other provisions < 1 year 204 451 420
Social security and PAYE 1,610 1,491 1,299
Other creditors 218 676 237
Accruals 6,423 5,670 8,466
Advanced payments 473 - 135
Trade and other payables 15,004 12,787 15,951
------(3)H1 2023 has been updated to reflect the restatement to Other
provisions < 1 year in the opening balances for FY22 as disclosed in
FY23. For full details of the restatement see Note 26 in the FY23 Annual
report and Financial Statements.
No derivatives have been entered into in the current reporting period. No
other assets or liabilities have been measured at fair value. Trade and other
payables are classified as financial liabilities at amortised cost.
6. Borrowings
The debt facility comprises a term loan of $20m (H1 2023: $28m) which is
repayable in quarterly instalments over 5 years up to 30 June 2026, and a
revolving loan facility of $100m of which $40m (H1 2023: $80m) is drawn down
and which expires on 7 June 2026. During the 6 month period, $4m was repaid
on the term loan and the amount drawn down on the revolving credit facility
was reduced by $20m.
Interest is charged on the facility on a daily basis at margin and compounded
reference rate. The margin is related to the leverage of the Group as defined
in the loan agreement. As the leverage of the Group strengthens, the
applicable margin reduces.
The facility agreement is secured by a Scots law floating charge granted by
the Company, an English law debenture granted by the Company and a New York
law security agreement to which the Company and certain of its subsidiaries
are parties. The securities granted by the Company and the relevant
subsidiaries provide security over all assets of the Company and specified
assets of the Group.
unaudited unaudited audited
H1 2024 H1 2023 FY 2023
$'000 $'000 $'000
Current interest bearing borrowings 8,000 8,000 8,000
Non-current interest bearing borrowings 51,210 99,908 75,033
Total 59,210 107,908 83,033
Arrangement fees paid in advance of the setting up of the facility are being
recognised over the life of the facility in operating costs. The remaining
balance of unamortised fees and interest at 31 December 2023 is $0.8m (31
December 2022: $2.9m).
Loan covenants
Under the facilities the Group is required to meet quarterly covenants tests
in respect of:
a) Adjusted leverage which is the ratio of total net debt on the last day of
the relevant period to adjusted EBITDA;
b) Cash flow cover which is the ratio of cashflow to net finance charges in
respect of the relevant period.
The Group complied with these ratios throughout the reporting period.
Financing arrangements
The Group's undrawn borrowing facilities were as follows:
unaudited unaudited audited
H1 2024 H1 2023 FY 2023
$'000 $'000 $'000
Revolving facility 60,000 20,000 40,000
Undrawn borrowing facilities 60,000 20,000 40,000
7. Called up share capital
unaudited unaudited audited
H1 2024 H1 2023 FY 2023
Number $'000 Number $'000 Number $'000
Authorised
Equity share capital
Ordinary shares of 1p each 50,000,000 1,014 50,000,000 1,014 50,000,000 1,014
Allotted called-up and fully paid
Equity share capital
Ordinary shares of 1p each 35,542,169 659 35,542,169 658 35,542,169 659
8. Cash generated from operations
Reconciliation of profit before taxation to net cash generated from
operations:
unaudited unaudited audited
H1 2024 H1 2023(4) FY 2023
$'000 $'000 $'000
Profit before tax 5,923 5,219 13,085
Finance income (362) (35) (214)
Finance expense 2,785 3,221 6,357
Depreciation of property, plant and equipment 1,672 1,712 3,451
Amortisation of intangible assets - other 4,230 3,632 7,781
Amortisation of intangible assets - acquired intangibles 10,460 10,468 20,930
Loss / (gain) on disposals 21 (7) 7
Share-based payments 2,211 1,227 2,992
Movements in working capital:
(Increase)/Decrease in trade and other receivables (20,681) (4,767) 1,116
Increase/(Decrease) in trade and other payables 9,854 (5,388) (5,462)
Increase in amounts held on behalf of customers 17,282 50,952 50,548
Cash generated from operations 33,395 66,234 100,591
(4)H1 2023 has been updated to include restricted cash within the cash and
cash equivalents balance consistent with the FY23 audited accounts. See the
FY23 Annual Report and Financial Statements for further information.
9. Cash and cash equivalents and restricted
cash
For the purpose of the statement of cash flows, cash and cash equivalents
comprise cash held by the Group and short-term bank deposits.
unaudited unaudited audited
H1 2024 H1 2023(4) FY 2023
$'000 $'000 $'000
Cash and cash equivalents 63,895 90,810 78,537
(4)H1 2023 has been updated to include restricted cash within the cash and
cash equivalents balance consistent with the FY23 audited accounts. See Note
20 of the FY23 Annual Report and Financial Statements for further information.
10. Basis of Preparation
The interim financial statements are unaudited and do not constitute statutory
accounts as defined in S435 of the Companies Act 2006. These statements have
been prepared applying accounting policies that were applied in the
preparation of the Group's consolidated accounts for the year ended 30 June
2023 and the changes outlined below in Note 13. Those accounts, with an
unqualified audit report, have been delivered to the Registrar of Companies.
The interim financial statements have been prepared on a going concern basis.
The Group's activities and an overview of the development of its products,
services and the environment in which it operates together with an update on
the Group's financial performance and position are set out in the Financial
Review. Despite difficult market conditions for customers and cost inflation
pressure, the Group is profitable, cash generative and has a robust base of
recurring revenue. In addition, the Group has cash and cash equivalents of
$63.9m as well as a committed but undrawn facility of $60m available. The
Board continues to carefully monitor the impact of inflationary pressures on
the operations of the Group. The Viability Statement and the Board's Going
Concern assessment contained the Annual Report for the year ended 30 June 2023
are still considered to be appropriate by the Board. The SaaS business model
with its underlying long-term contracts, as described earlier in the Financial
Review, high levels of cash generation and long-term focus on customer success
provides a foundation of revenue for future periods. This foundation of
contracted revenue forms the basis of the scenarios considered by the
Directors in making this assessment.
The Directors, having made suitable enquiries and analysis of the interim
financial statements, including the consideration of: net cash; continued cash
generation; compliance with loan facility covenants; and SaaS business model;
have determined that the Group has adequate resources to continue in business
for the foreseeable future and that it is therefore appropriate to adopt the
going concern basis in preparing the interim financial statements.
11. Segmental Information
The Directors consider that the Group operates in predominantly one business
segment, being the creation of software sold entirely to the US Healthcare
Industry, and that there are therefore no additional segmental disclosures to
be made in these financial statements.
12. Risks and uncertainties
The principal risks and uncertainties, as set out on pages 17 to 23 of the
Annual Report for the year ended 30 June 2023, remain unchanged. The unchanged
risks are:
· Data & Cyber Security
· Data Protection
· Intellectual Property Risk
· US Healthcare: Complexity, Evolution and Reform
· Regulatory Environment
· Complex Market Dynamics
· Competitive Landscape
· Management of Growth
· Acquisition Risk
· Macro-economic Environment
· Compliance with debt finance facility covenants
· Banking Environment
The Directors regularly review these risks and uncertainties and appropriate
actions are taken to manage them. Included within the Strategic Report section
is more detail on the outlook for the Group for the remaining six months of
the year.
13. Changes to Significant Accounting Policies, Judgements and Estimates
The accounting policies, significant judgements and key sources of estimation
applied in these interim financial statements are the same as those applied in
the Group's consolidated financial statements as at and for the year ended 30
June 2023.
14. Availability of Half Yearly Financial Report
Copies of this Half Yearly Financial Report are available for download from
the Company's website, www.thecranewaregroup.com
(http://www.thecranewaregroup.com) . A printed copy can be obtained on
request from the registered office of the Company.
15. Alternative performance measures
The Group's performance is assessed using a number of financial measures which
are not defined under IFRS and are therefore non-GAAP (alternative)
performance measures.
The Directors believe these measures enable the reader to focus on what the
Group regard as a more reliable indicator of the underlying performance of the
Group since they exclude items which are not reflective of the normal course
of business, accounting estimates and non-cash items. The adjustments made are
consistent and comparable with other similar companies.
Adjusted EBITDA
Adjusted EBITDA refers to earnings before interest, tax, depreciation,
amortisation, exceptional items and share based payments.
unaudited unaudited audited
H1 2024 H1 2023 FY 2023
$'000 $'000 $'000
Operating profit 8,346 8,405 19,228
Depreciation of property, plant and equipment 1,672 1,712 3,451
Amortisation of intangible assets - other 4,230 3,632 7,781
Amortisation of intangible assets - acquired intangibles 10,460 10,468 20,930
Share based payments 2,211 1,227 2,992
Exceptional items - integration costs 598 23 510
Adjusted EBITDA 27,517 25,467 54,892
Adjusted earnings per share (EPS)
Adjusted earnings per share (EPS) calculations allow for the tax adjusted
acquisition costs and share related transactions together with amortisation on
acquired intangibles via business combinations. See Note 2 for the
calculation.
Adjusted PBT
Adjusted PBT refers to profit before tax adjusted for exceptional items and
amortisation of acquired intangibles.
unaudited unaudited audited
H1 2024 H1 2023 FY 2023
$'000 $'000 $'000
Profit before taxation 5,923 5,219 13,085
Amortisation of intangible assets - acquired intangibles 10,460 10,468 20,930
Exceptional items - integration costs 598 23 510
Adjusted PBT 16,981 15,710 34,525
Net cash / (borrowings)
Net borrowings refers to net balance of short term borrowings, long term
borrowings and cash and cash equivalents.
unaudited unaudited audited
H1 2024 H1 2023 FY 2023
$'000 $'000 $'000
Cash and cash equivalents (Note 9) 63,895 90,810 78,537
Borrowings (Note 6) (59,210) (107,908) (83,033)
Net cash/ (borrowings) 4,685 (17,098) (4,496)
Lease liabilities are excluded from borrowings for the purpose of net
borrowings.
Total Sales
Total Sales refer to the total value of contracts signed in the year,
consisting of New Sales and Renewals.
New Sales
New Sales refers to the total value of contracts with new customers or new
products to existing customers at some time in their underlying contract.
Annual Recurring Revenue
Annual Recurring Revenue includes the annual value of licence and transaction
revenues as at 31 December 2023 that are subject to underlying contracts.
Net Revenue Retention
Net Revenue Retention is the percentage of revenue retained from existing
customer over the measurement period, taking into account both churn and
expansion sales.
Revenue Growth
Revenue Growth is the increase in Revenue in the current period compared to
the previous period expressed as a percentage of the previous period Revenue.
Cautionary statement
Certain statements in this report are forward-looking statements. These
forward-looking statements are made by the Directors in good faith based on
the information available to them up to the time of their approval of this
report. However, such statements should be treated with caution due to the
inherent uncertainties, including both economic and business risk factors,
underlying any such forward-looking information that could cause actual events
or results to differ materially from any expected future events or results
expressed or implied in these forward-looking statements. Unless otherwise
required by applicable law or regulation, Craneware plc does not undertake any
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future developments or otherwise.
Directors, Secretary, Advisors and Subsidiaries
Directors Company Secretary and Registered Office
W Whitehorn (non-executive, Chair) C T Preston
K Neilson 1 Tanfield
C T Preston Edinburgh
I Urquhart EH3 5DA
C Blye (senior independent director)
R Rudish (non-executive)
A Erskine (non-executive)
D Kemp (non-executive)
A McCune (non-executive)
Nominated Advisors and Joint Stockbroker Registrars Independent Auditors Financial PR
Peel Hunt LLP
100 Liverpool Street Link Group PricewaterhouseCoopers LLP Alma Strategic Communications
London Central Square Atria One 71-73 Carter Lane
EC2M 2AT 29 Wellington Street 144 Morrison Street London
Leeds Edinburgh EC4V 5EQ
LS1 4DL EH3 8EX
Joint Stockbrokers Solicitors
Berenberg, Gossler & Co Investec Bank plc Bryan Cave Leighton Paisner LLP Pinsent Masons LLP
60 Threadneedle Street 30 Gresham Street One Atlantic Center, 58 Morrison Street
London London 14(th) Floor Edinburgh
EC2R 8HP EC2V 7QP 1201 W. Peachtree St. NW. EH3 8BP
Atlanta
GA, 30309-3471
Bankers
The Royal Bank of Scotland plc Silicon Valley Bank HSBC Bank plc Bank of Scotland
36 St Andrew Square (a division of First Citizens Bank) 7 West Nile Street The Mound
Edinburgh 3003 Tasman Drive Glasgow Edinburgh
EH1 1YZ
EH2 2YB Santa Clara, CA 95054 G1 2RG
Virgin Money Wells Fargo Barclays Commercial Bank Bank of America
20 Waterloo Street 500 N. Magnolia Avenue Aurora House 101 E. Kennedy Blvd
Glasgow 8(th) Floor 120 Bothwell Street Tampa, FL 33602
G2 6DB Orlando, FL 32803 Glasgow
G2 7JT
Subsidiaries and Registered offices
Craneware US Holdings, Inc. Craneware, Inc. Craneware InSight, Inc. Craneware Healthcare Intelligence, LLC
Corporation Trust Center 600 West Hillsboro Boulevard 600 West Hillsboro Boulevard 200 Pinewood Lane
1209 Orange St Suite 500 Suite 500 Suite 304
Wilmington, DE 19801 Deerfield Beach, FL 33441 Deerfield Beach, FL 33441 Warrendale, PA 15086
SDS Holdco, Inc. SDS Intermediate, Inc. Agilum Healthcare Intelligence, Inc. Sentry Data Systems, Inc.
251 Little Falls Drive 251 Little Falls Drive 600 West Hillsboro Boulevard 600 West Hillsboro Boulevard
Wilmington, DE 19808 Wilmington, DE 19808 Suite 500 Suite 500
Deerfield Beach, FL 33441 Deerfield Beach, FL 33441
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