Craneware hails return to momentum as new business wins soar
Craneware, the Edinburgh-headquartered software firm focused on the US market, has hailed a return to momentum after unveiling a jump in new business in its half-year results.
The business recorded a 30 per cent rise in new sales for the six months to 31 December, almost all of which consisted of expansion sales to existing customers.
Chief executive Keith Neilson said the upturn in contracts shows that “momentum is now back in the business”, following a dip last summer when it unveiled lower-than-expected US sales.
He added that this bounce back would take time to flow through to the company’s reported financial metrics. Underlying earnings increased by 10 per cent to $12.7m (£10m), while revenues remained flat at $35.9m.
Neilson said: “The board’s expectations for the full year remain unchanged and we look forward to a return to increased rates of growth in future years.
“We are focused on execution and with strong operating margins, healthy cash balances and a growing sales pipeline.”
Craneware last week appointed David Kemp – chief financial officer of Aberdeen-based energy and engineering services giant Wood – as an independent non-executive director, along with Alistair Erskine, who is chief digital health officer of US not-for-profit Partners HealthCare.