Instem PLC (AIM:INS), which provides software services to the life sciences industry, said it expects its full-year trading performance to be slightly ahead of expectations.
In comments accompanying interim results, chief executive Phil Reason said: “Market conditions remain buoyant and we have a strong pipeline of opportunities, with a significantly increased target market.
“The improvement in our trading profitability in the first half has been sustained post the period end and, as a result, we now expect trading performance…for the current financial year to be slightly ahead of the board's previous expectations.”
Reason also hailed the impact of acquisitions The Edge, d-Wise and, most recently, PDS as “underpinning a step-change in the scale of the business”.
Revenues for the six months to June 30 were up by 41% to £19.8mln. The business posted a solid 8% rise in organic turnover (excluding the contributions of The Edge and d-Wise).
Recurring software as a service business, meanwhile, was £9.9mln, up 18% on a year ago.
Underlying earnings (EBITDA) were £4.2mln, up 39%, while adjusted pre-tax profit was up £800,000 at £2.9mln. Instem ended the period with £10.1mln in the bank.