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Instem says revenues grew by 20% in the first half

Trading was in line with forecasts, investors were told, with the momentum continuing into the early part of the second half

Instem PLC -

Instem PLC (LON:INS) said its first-half trading was in line with forecasts with momentum continuing into the second six months of the year.

The software group, which has developed and sells packages used to record R&D data, said revenues for the six months ended June 30, 2020, were up 20%, or 12% on a like-for-like basis.

WATCH: Instem PLC has 'significant capital' to accelerate acquisition strategy after strong first half

Cash generation was strong, leaving Instem with £9.1mln, which when added to the £15.75mln raised earlier this month leaves it with “significant capital” to accelerate its acquisition strategy.

It said it has a number of “potential compelling opportunities” for bolt-on deals, with “more substantial targets” have also been identified.

Instem said the business continued to trade in line with expectations.

It told investors: “The board is confident that the company is well-positioned to take advantage of opportunities that arise throughout the remainder of the year and beyond in existing and adjacent markets.

“With a scalable platform in place and broad portfolio of products and services, the aim is to further grow market share, margins and revenue visibility.”

Quick facts: Instem PLC

Price: 465 GBX

Market: AIM
Market Cap: £95.24 m

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