StockMarketWire.com - Craneware reported a fall in profit blaming one-off costs related to the acquisition that the company decided not to enter into during the year.

For the year ended 30 June 2019, pretax profit fell to $18.3m from $18.9m as a result of $1.2m one-off costs from the abandoned acquisition, the company said.

Revenue, meanwhile rose 6% to $71.4m and adjusted earnings (EBITDA) increased 11% to $24.0m.

'While growth in the year was lower than originally anticipated, renewal levels remained strong and our Trisus related sales and revenues continued to increase, providing us with a strong platform for the future. We have entered the new financial year with an uptick in sales momentum,' said Keith Neilson, CEO of Craneware.

The company proposed a final dividend of 15.0p, up from 14.0p per share last year, taking the total dividend for the year to 26.0p, up from 24.0p.

'We are focused on the delivery of our growing opportunity and have the correct strategy to succeed. With growing levels of contracted future revenue, strong operating margins, healthy cash balances and a growing sales pipeline, we look to the coming years with confidence and high levels of excitement for the opportunity ahead,' Neilson added.

At 8:09am: [LON:CRW] Craneware PLC share price was +72.5p at 1897.5p



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