Shares in Craneware lost more than 11 per cent of their value yesterday after the medical software provider warned that revenues within its professional services arm are unlikely to recover to historic levels in the coming months.

The Scottish company, which makes billing software used by healthcare providers in the United States, said revenues from professional services have remained at 8 per cent of total group income as opposed to the more typical 15%. This will impact overall growth in the second half of the financial year.

Group revenues for the six months to the end of December are expected to rise by 6% to approximately $84.7 million (£68.5m), up from $80.2m a year earlier. Earnings are expected to come in 8% higher at $25.5m.

"Healthcare providers, both globally and in the US, continue to face many challenges, building back post-pandemic and coping with inflationary pressures," chief executive Keith Neilson said. "Against this backdrop, we have delivered another robust performance, growing revenues and adjusted EBITDA, while maintaining a strong balance sheet and high levels of recurring revenue.

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"Through the increased financial and operational insight our offerings provide our customers, we are well-placed to support them through these difficult times and ultimately deliver on our growth ambitions."

The Edinburgh-based company plans to post its results for the first half of the year on March 6. Software sales have remained "robust" despite customers coming under inflationary pressures.

Craneware took over the operations of Florida-based Sentry Data Systems in July 2021, adding a large roster of pharmacies to its existing US customer base. The acquisition was the largest in its 24-year history.

Shares in AIM-listed Craneware closed yesterday's trading 215p lower at 1,705p.