A new US standard for of clinical data requirements helped first half revenues rise by more than a fifth at Instem Plc (LON:INS).
SEND - or Standard for the Exchange of Non-clinical Data – comes in to force this December and Instem picked up six contracts specifically for the new protocol in the half year to June.
Logging the data generated in clinical trials for new drugs is Instem’s core business and turnover rose by 21% £9.1mln, while underlying earnings [EBITDA] were 34% higher at £1.2mln (£0.9mln).
Higher finance charges meant pre-tax profits dropped to £128,000 (£274,00).
New acquisition Samarind contributed for a month while since the half year the group has acquired Notocord, a specialist in compliance for pharma and biotech products.
Phil Reason, chief executive, said: “The encouraging market dynamics in early drug development, including the new regulatory requirements driven by SEND, have supported year-on-year revenue and profit growth in the first half of 2016.”
Samarind and Notocord have added a strong pipeline of new business opportunities through the remainder of 2016 and into 2017, he added.