Craneware PLC on Tuesday said it expects to report a robust annual performance following the acquisition of Sentry Data Systems Inc in July last year, leaving the group well positioned for the current financial year and beyond.

For the year that ended June 30, the Edinburgh-based healthcare-focused software provider said adjusted earnings before interest, tax, deprecation and amortisation increased 85% year-on-year to around $50 million from $27.1 million the year before.

Headline revenue is set to have more than doubled to around $165.5 million, boosted by an 11-month contribution from US healthcare data firm Sentry, which was acquired in July last year for $400 million.

Meanwhile, underlying annual recurring revenue as at June 30 climbed to $170 million from $165 million at the end of December, reflecting strong software revenue and customer retention.

Although Craneware noted that revenue from professional services was affected by the Covid pandemic on the hospital workforce and operations, the group expects the situation to normalise in the near term.

‘It is now just over a year since we acquired Sentry and we are delighted with how the teams have come together behind our shared vision to transform the business of US healthcare. With $170 million in ARR this year, approximately 40% of all US hospitals as customers and a considerably increased scale and offering, we look to the future with confidence,’ said Chief Executive Officer Keith Neilson.

Craneware will publish its annual results on September 19.

Shares in Craneware were down 1.5% at 1,768.00 pence on Tuesday morning in London.

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