Craneware has reported a 6% rise in revenue for the last six months from $80.2m to $84.7m.
The unaudited results for the six months ended 31 December 2022 showed that the US healthcare market solutions provider also increased earnings before tax by 8% from $23.7m to $25.5m.
However, adjusted profit before tax fell from $17.1m to $15.7m during the period.
Cash reserves of $38.6m were also down from $41.7m at the same stage last year.
The Edinburgh-headquartered business noted that annual recurring revenue of $166.4m demonstrated its high levels of contracted revenue visibility.
An interim dividend of 12.5 pence per ordinary share is the same as the last full-year dividend.
The financial update also stated that customer retention is strong, at above 90% in the period, with expansion and cross-sales, including to both small rural facilities and multi-site medical systems.
The company continues to invest in research and development in an attempt to capitalise on growing market opportunities.
The appointment of a group chief technology officer and an additional non-executive director should also further US healthcare market insight.
Chief executive Keith Neilson commented: “We remain acutely conscious of the ongoing challenges faced by our customers and partners, in particular the impact of inflationary pressures and staffing shortages.
“The pressures they are experiencing strengthens our commitment to providing the tools to more accurately manage their operations and finances, as we seek to transform the business of US healthcare together.
“We are financially strong, with healthy cash reserves and a solid foundation of annual recurring revenue.
“This, combined with our market leading solutions, breadth of customer base, the scale of data flowing through our platform and the industry drive to achieve better value in healthcare, means we remain confident in our ability to deliver acceleration in our growth rates as the current pressures within the US healthcare market abate.”
Chairman Will Whitehorn added that US hospitals continue to face a range of macro pressures as they build back post pandemic; primarily salary and supplies cost inflation.
“These factors are combining to put pressure on hospital margins, impacting their delivery of care.
“Against this backdrop, the underlying need for our software solutions only continues to grow, as our focus on transforming the business of healthcare will be key to our customers navigating these external market pressures.“
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