Instem on the rise after 2018 update
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AIM-listed life science IT service specialist Instem (LON:INS) said that all areas of its business saw strengthening margins during the year ended 31st December and that underlying EBITDA was in line with management expectations. In addition to a number of new client wins throughout the year, the company also benefited from the move towards software-as-a-service.
CEO Phil Reason commented: “Instem has invested significantly in the business in recent years and these results further illustrate such investment converting into profitable growth. In addition to a host of new client wins, many existing clients have extended their use of Instem’s products and services and, importantly, have transitioned to our SaaS solutions. The Company looks forward to building on this momentum, particularly for SEND related services, where order backlog and future revenue visibility is continually improving“.
The price of Instem shares rose by 10.24% to 280p (as of 10:20 GMT).
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