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Instem PLC revenues and profits grow "significantly"

Published: 03:32 05 Apr 2016 EDT

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The company develops software used in clinical trials.

Instem Plc (LON:INS), which develops software used in clinical trials, recorded “significant” year-on-year growth as it said its main markets continued to expand.

Revenues increased by 22% in the 12 months to December 31 to £16.3mln, £10mln of which were recurring.

Underlying earnings (EBITDA) grew by 43% to £2.5mln, while pre-tax profit advanced £800,000 to £1.7mln.

Instem had cash at the year-end of £2.2mln, which has been supplement with £5mln raised from investors in February.

There have been some notable contract wins for its ALPHADAS suite of products, acquired as part of the 2013 purchase of Logos Technologies.

Meanwhile, the company’s new SUBMIT software appears to be winning a host of new clients.

"Our core addressable markets continue to grow in terms of the number of potential customers and the absolute size,” said Instem chief executive Phil Reason.

“Our products and services recorded significant year-on-year revenue growth during 2015 and we are pleased to report that we entered the new financial year with a strong forward order book.

“Regulatory requirements and the enlarged drug R&D pipeline are expected to continue to stimulate demand for Instem's solutions and services.”

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on 11/23/2016