Craneware's FY25 results for the year to June confirmed the strength heralded with the July trading update. Net profit came in even stronger than our forecast, and the company announced a 16% increase in the final dividend to 18.5p, also ahead of our forecast. In our view, these results confirm that Craneware is delivering on the benefits promised by its historic investment in the Trisus platform including unlocking the full value of the Sentry acquisition. We make minimal changes to our profit forecasts which reflect the flow through from the FY25 actuals, although we anticipate these will prove conservative. Our discounted cash flow valuation computes to 3,112p, nearly 40% above the current share price.
