Already-flagged-up contract delays and the “disappointing performance” of Instem Clinical offset the strong performance of the bulk of the business.
The company’s investment in a product that complies with the US Food & Drug Administration’s Standard for Exchange of Nonclinical Data, or SEND protocol, appears well-judged.
In all it won 30 SEND-related contracts for its software – which makes it a leader in this field.
For the 12 months to December 31, revenues increased 11% to £18.1mln, Instem said, giving EBITDA of £1.2mln. Cash at the year-end was £4.4mln.
"Although the slowdown in the early phase clinical market and contract delays were disappointing, other parts of the business continued to perform well and we made significant progress during the year,” said chief executive Phil Reason.
“Importantly, the overall market dynamics for our products and services remains positive and we therefore look forward to the next financial year with increasing optimism."