Scotland business

Hospital IT firm Craneware reports record sales

Hospital reception Image copyright Thinkstock
Image caption Craneware specialises in selling billing software for hospitals in the US

Hospital IT firm Craneware has announced a record sales year.

The Edinburgh-based specialist in billing software for the US healthcare market said it signed contracts worth more than $70m (£40.8m) in the year to the end of June.

It represented an increase of more than 80% on the previous year.

Craneware said "the vast majority" of the revenue had not been recognised in its accounts for the 12-month period in order to "benefit future years".

It expects to report revenues for the year of between $42.2m (£24.6m) and $43m (£25m).

Craneware chief executive Keith Neilson said: "We are delighted to announce a record sales year for the group, with a year-on-year increase of over 80% in the total value of contracts signed in the year, demonstrating the ongoing strength of our market position.

"The current sales success gives Craneware certainty over contracted revenue and associated profits upon which to build future growth."

Founded in 1999, Craneware has its headquarters in Edinburgh and runs offices in Atlanta, Arizona, Massachusetts and Tennessee employing more than 200 staff.

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