Craneware on target for unicorn status

Published: 06 September 2018

Edinburgh-based health care billing company Craneware is on target to become the next Scottish unicorn after unveiling a record sales pipeline and acquisitions plan.

Chief executive Keith Neilson said the opportunities for growth are “substantial” and it has the capacity to hire “as many engineers as we can find”.

This is by no means the end of the journey...we will continue to invest in our people and business to ensure we have the capabilities to succeed...we enter the new financial year with great confidence for the future and the ongoing success of the business.

Keith Neilson, CEO, Caneware

 

The CEO of the firm said the company was hiring across its offices in Edinburgh, Glasgow and in the US.

Mr Neilson said the company was on a fast growth track, noting that the current $820m market capitalisation puts it within touching distance of unicorn status. The company, which operates almost exclusively in the US hospitals sector, reported a 12% rise in pre-tax profits on a 16% uplift in revenue for the year to the end of June.

It has seen an increase of more than 100% in new sales contracts to $71.3m with new and existing customers. Renewals contributed an additional $27.3m to sales in the period. As a result it has reported the total value of contracts signed in the year of $98.6m (FY17: $54.0m).

Chairman George Elliott said: “As we enter the new financial year, we remain positive that the business environment in the US will continue to be supportive of Craneware. Our expanded market opportunity, double digit growth rates, record sales pipeline and increasing long-term revenue visibility provide the board with confidence in achieving a successful outcome to the current year and beyond..."

Full story via Daily Business News

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