Craneware has reported a 9% increase in revenue from $174m to $189.3m year-on-year.
Its audited results for the year ended 30 June 2024 also showed adjusted earnings before tax rising 6% from $54.9m to $58.3m.
The Edinburgh-headquartered business develops software solutions for the US healthcare market. Its annual recurring revenue increased marginally to $172m, while statutory profit before tax rose 20% from $13.1m to $15.7m.
However, during the year, total cash and cash equivalents fell from $78.5m to $34.6m.
There was a ‘significant reduction’ in total bank debt during the year though, from $83m to $35.4m, with continued investment in the Trisus Platform.
The board has proposed a final dividend of 16 pence per share, giving a total dividend for the year of 29p per share – up 2%.
The financial statement noted that US healthcare providers are ‘refocusing on their longer-term strategic priorities’, which provides an increasingly supportive market backdrop for Craneware.
Sales performance has therefore been driven by the Trisus Optimization Suites and the Trisus Platform Partner programme.
Levels of customer retention continued, at more than 90% across the multiple measures.
During the year, a new strategic alliance was formed with Microsoft, enabling a joint go-to-market plan for Trisus offerings on the Microsoft Azure Marketplace.
Chief executive Keith Neilson commented: “The strong financial results during the year demonstrates the strength of the Trisus platform, our increasing platform partnership successes and the role we play in helping healthcare providers drive for better value in the US healthcare market.
“Our alliance with Microsoft will allow us to accelerate innovation and explore new AI-based applications in an efficient manner which, alongside the breadth of the Trisus platform, our unique data assets and our considerable and extensive customer base provides significant scope for expansion in the size of our addressable market.
“We approach this opportunity from a position of strength and resilience, with a strong balance sheet, high levels of recurring revenue and consistently high customer retention rates.
“We have commenced full-year 2025 with a good level of trading, and remain confident in achieving another positive year ahead, growth acceleration over the near term, and our ability to create further long-term value for all stakeholders.”