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Value Cycle software solutions company Craneware reported a fall in annual profit as higher cost offset a rise in revenue.
For the year ended 30 June 2021, pre-tax profit fell to $13.2 million from $19.3 million year-on-year, while revenue increased 6% to $75.6 million.
The fall in profit was attributed to increased costs including $6.5 million of exceptional costs.
'These include the costs associated with the acquisition of Sentry and its associated share placing as well as the costs associated with the aborted share placing in connection with a different acquisition target in August 2020,' the company said.
The company proposed a final dividend increase to 15.5p per share, or 21.47 cents, up from 15.0p, or 18.45 cents, taking the total dividend for the year to 27.5p per share, or 38.10 cents, up from 26.5p, or 32.60 cents.
'With a strong balance sheet, high levels of recurring revenues, high customer retention rates and visible revenue in the next three years of $471.2m, we have a strong financial foundation from which to accelerate growth and investment to fulfil our potential, thereby increasing future shareholder value,' the company said.