Craneware delivers 'strong performance' in H1

Software firm Craneware said on Wednesday that it had delivered "a strong performance" in the first half of the year against the ongoing backdrop of the pandemic and a volatile dollar exchange rate.

Craneware stated that the increased sales momentum had resulted in growth at both the revenue and adjusted underlying earnings levels of more than 5% year-on-year and also secured new sales at "a significantly higher level" than in the first half of 2019.

The majority of the group's revenue resulting from both new sales and existing contract renewal will be recognised over future periods, providing it with long-term visibility of revenue under contract.

The AIM-listed group also highlighted that its customer retention rate had remained above 90%, while the dollar renewal rate of customers at the end of their multi-year contracts returned to approximately 100%.

Chief executive Keith Neilson said: "We are pleased to report a return to growth at both the revenue and EBITDA levels, following the continued positive sales momentum.

"We remain cognizant of the ongoing macro uncertainties, but with a strong balance sheet, high levels of recurring revenue, expanding product offering and healthy sales pipeline, we are in a strong position as we enter the second half of the year."

As of 1040 GMT, Craneware shares were down 1.10% at 2,166.0p.