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Value cycle solutions company Craneware reported a jump in earnings as revenue more than doubled in the first half of the year, driven by new business wins and a boost from the Sentry acquisition.
For the six months ended 31 December 2021, revenue jumped 110% to $80 million and adjusted earnings before interest, taxes, depreciation, and amortisation, or EBITDA, were up 75% to over $23 million.
'The results include approximately a 5 month contribution from Sentry and are in line with management's expectations,' the company said.
Adjusted EBITDA margin of 28.75% was tracking 'to our target of returning to a 30% margin ahead of schedule, with initial synergies mitigating near term industry salary inflationary pressures,' it added.
Looking ahead, the company said it remained on-course to deliver results for the current year in line with management's expectations.
Craneware will announce results for the six months ended 31 December 2021 on 14 March 2022.