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Craneware shares advance on positive sales update

Craneware shares rose some 13% in Tuesday morning's trade following a trading update
healthcare professional
Strong sales and renewals have boosted the group

Craneware Plc (LON:CRW) shares advanced after a trading update highlighted what the company described as a “continued outstanding performance”.

“There has been strong underlying new sales growth that increased by approximately 100%,” the company said.

The performance was supported by a significant new contract signed at the end of the year with a large healthcare provider network in the Eastern United States.

READ: Craneware delivers double boost

Craneware added that renewals, when stated by dollar value, have continued at over 100% with the majority of revenue from both new and renewal sales successes to be recognised over future reporting periods.

It said it expects to report a 16% increase in revenue and a 20% increase in earnings (adjusted EBITDA), extending the organic double digit growth seen in previous years.

"These record results demonstrate the ongoing momentum we are seeing across all strata of hospitals including large and complex health systems as they embrace the realities of value-based economics within healthcare,” said Keith Neilson, Craneware chief executive.

He added: “We are playing an increasingly strategic role in assisting healthcare providers to deliver better healthcare through sustainable financial performance, whilst mitigating operational and compliance risks.

"These factors combined with our financial strength and high levels of visible revenue for future years, gives management confidence in its continuing ability to deliver increasing stakeholder value year on year whilst investing in our future."

Craneware shares rose 281p or 13% to trade at 2,413p each.

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