Craneware (CRW) Trading Update summary

Financial performance

• Revenue for FY24 expected to exceed $188m, up 8% from FY23 and above market expectations.

• Adjusted EBITDA projected at least $58m, a 6% increase, maintaining over 30% EBITDA margin.

• Annual Recurring Revenue (ARR) grew to $172m, with further growth anticipated as sales convert to ARR.

Operational highlights

• Strong sales performance driven by ongoing investment in the Trisus platform and partner programs.

• High customer retention contributed to recurring revenue growth.

• Alliance with Microsoft expected to accelerate innovation and AI-based applications.

Balance sheet and capital allocation

• Total bank debt reduced to $35.4m, a $40m reduction above scheduled repayments.

• $12.8m returned to shareholders via dividends and $3.3m in share buybacks.

• Cash reserves at $34.6m as of June 30, 2024.