Craneware

CRW · AIM · Health Care · mcap £377m · 1100.0p

Craneware sells cloud software and data analytics, under the Trisus platform, that help US hospitals manage pricing, billing, drug-discount compliance and costs. Revenue is mostly recurring subscriptions.

Target	Promise	Said	Status
2024
17 Jan 2024	Continue share buyback to 17 January 2024 under same terms	17 Oct 2023	✓ Kept
	“extend the share buyback programme, originally due to expire on 17 October 2023, for a further three months to 17 January 2024, under the same terms as previously announced” Result Buyback was extended again in April 2024 to July. 16 Apr 2024 · Extension of share buyback programme
31 Jul 2024	Make first Trisus applications available on Microsoft marketplace in July 2024	2 Jul 2024	✓ Kept
	“The first of the Trisus applications to be made available on the Microsoft commercial marketplace in July 2024 will be Trisus Chargemaster, Trisus Decision Support, and Trisus Labor Productivity.” Result Later updates describe joint marketing with Microsoft and Oracle; no sign of delay. “the first major customer contract secured via the Microsoft Azure Marketplace”13 Jan 2025 · H1 FY25 Trading Update
2025
FY25–FY26	Return to sustained double-digit revenue growth in the near term	17 Jan 2024	✗ Missed · target changed
	“The Group is on track to deliver double-digit growth in the near term, supported by a robust pipeline, favourable market conditions, and strategic initiatives” Also stated 4 Mar 2024 · 20 Jan 2026 Result H1 FY25 grew 10% but FY25 was 9%, H1 FY26 6% and FY26 flat; growth return now guided for FY28. “While the board remains confident in the long-term outlook for the Group and the growth opportunities, it is taking a prudent view of its revenue expectations in FY27, resetting them to the equivalent of the Company's Annual Recurring Revenue of c.$185m.”21 Sep 2026 · FY26 Final Results “High levels of recurring revenues, longevity of customer relationships and the launch of new products provide a robust foundation for a return to growth in FY28.”21 Sep 2026 · FY26 Final Results
30 Jun 2025	Deliver FY25 results in line with market expectations	13 Jan 2025	✓ Kept
	“The Board remains confident in its outlook for FY25 and expects to deliver results for the year ending 30 June 2025 in line with current market expectations” Also stated 11 Mar 2025 Result July 2025 update said results were ahead of expectations; EBITDA $65.3m. “Subject to audit, the Board expects a 12% increase in adjusted EBITDA1 to over $65m (FY24: $58.3m) delivered by revenue growth of 9% to $205.7m (FY24: $189.3m).”16 Jul 2025 · FY25 Trading Update
31 Dec 2025	Third-party partner offering to go live in H1 FY26	16 Jul 2025	… In progress
	“another that was signed before the year end expected to go live in H1 FY26” Result Not yet due.
2026
30 Jun 2026	Accelerated revenue growth rate in FY26	16 Jul 2025	✗ Missed
	“Trading in the first months of the new year has started well, which alongside the FY25 ARR and NRR growth provide confidence in continued growth acceleration in FY26” Also stated 15 Sep 2025 Result FY26 revenue was flat at $206m versus 9% growth in FY25; guidance cut in July 2026. “The Board expects the Group's FY26 financial performance to be below market expectations, with revenue of US$205-$208 million and Adjusted EBITDA of US$65-$67 million, both broadly in line with FY25.”3 Jul 2026 · FY26 Trading Update “Revenue stable at $206.0m (FY25: $205.7m)”21 Sep 2026 · FY26 Final Results
30 Jun 2026	Deliver FY26 results in line with market expectations	2 Mar 2026	✗ Missed · target changed
	“The Board remains confident in its outlook and expects to deliver results for the year ending 30 June 2026 in line with market expectations” Result July 2026 update guided revenue and EBITDA below market expectations; September results were below. “The Board expects the Group's FY26 financial performance to be below market expectations, with revenue of US$205-$208 million and Adjusted EBITDA of US$65-$67 million”3 Jul 2026 · FY26 Trading Update “Overall FY26 revenue was below our expectations, principally because customers were unable to realise the opportunities identified by our 340B Shelter offering”21 Sep 2026 · FY26 Final Results
30 Jun 2026	Launch major new Trisus functionality across multiple products in H2 FY26	2 Mar 2026	… In progress
	“major new Trisus ® functionality across multiple products set to launch in H2” Result Not yet due.
Today · 11 Oct 2026
31 Dec 2026	Conduct $25m share buyback, completing by 31 December 2026 or next AGM	16 Mar 2026	… In progress
	“the share buyback programme, as part of its capital allocation strategy, to be an important component of shareholder returns” Status so far Not yet due.
2028
30 Jun 2028	Return to growth in FY28	21 Sep 2026	… In progress
	“340B tailwinds are expected to build in H2 FY27 as clarity regarding the shape of the program emerges” Status so far Not yet due.