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Instem plc: Final Results
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== Summary == Instem plc (AIM: INS), a leading provider of IT solutions to the global life sciences market, announces its unaudited results for the year ended 31 December 2021 (the "Period"). '''Financial Highlights:''' * Revenues increased 63% to £46.0m (2020: £28.2m) ** Recurring revenue (annual support and SaaS) increased 43% to £24.1m (2020: £16.9m) with SaaS revenues increasing 21% to £9.7m (2020: £8m) ** Organic revenue growth of 7% to £30.1m (2020: £28.2m) ** Organic constant currency revenue growth of 12-% ** SaaS Annual Recurring Revenue ("ARR") of £11.5m at 1 January 2022 * Adjusted EBITDA* of £8.3m (2020: £5.9m) * Reported profit before tax of £3.0m (2020: profit of £2.5m) * Adjusted profit before tax** of £5.0m (2020: £4.0m) * Fully diluted earnings per share of 7.4p (2020: 11.6p earnings per share) * Adjusted fully diluted earnings per share** of 16.3p (2020: 19.1p) * Gross cash balance at 31 December 2021 of £15.0m (2020: £26.7m, reflecting the equity raise in July 2020 to fund the 2021 acquisitions). For an explanation of the alternative performance measures in the report, please refer to page 12 <nowiki>*</nowiki>Earnings before interest, tax, depreciation, amortisation and non-recurring items. <nowiki>**</nowiki>After adjusting for the effect of foreign currency exchange on the revaluation of inter-company balances included in finance income/(costs), non-recurring items and amortisation of intangibles on acquisitions. '''Operational Highlights''' * Strong organic growth with little impact from COVID-19 * New business revenue came from both new and existing clients * Further expansion of footprint in the Asia-Pacific region * Continued transition to the SaaS model further increased recurring revenue and earnings visibility * Transformed the scale and reach of the business through acquisitions of: ** The Edge Software Consultancy ("The Edge") ** d-Wise Technologies Inc ("d-wise") ** PDS Pathology Data Systems Ltd ("PDS") '''Post Period-End Highlights''' * New banking facility finalised with HSBC of up to £20m, £10m of which is committed * Earn outs met in full for d-wise and The Edge (PDS has no earn out provision) * No known exposure to Russia or Ukraine '''Phil Reason, CEO, commented:''' "The performance during the year highlighted our resilience - especially given the COVID-19 backdrop, and I would like to thank all of our staff for their continued efforts and hard work. Our proven model continues to generate strong cash flows while the combination of increasing demand for regulatory-backed solutions and a growing demand for artificial intelligence and in silico solutions in the drug R&D process underpins our confidence in further leveraging our software and service portfolio. As such, we now have the platform in place to capitalise on the various opportunities ahead of us and we look forward to reporting further progress as we continue to execute our growth strategy. In common with other businesses, we have seen wage inflation in recent months and, accordingly, we are moderating our profit expectations for the current year ahead of price rises on contract renewals flowing through positively to revenue. Importantly, we already have good visibility for the current year with growing recurring SaaS and Annual Support revenues and a strong pipeline. The recent acquisitions of The Edge, d-wise and PDS highlight our ability to add scale and leverage existing customer relationships with a view to further enhancing earnings, while providing a strong platform for continued growth. We look forward to advancing further acquisition opportunities after consolidating the 2021 additions." '''Investor Presentation: 16:00 today''' Management will be providing a presentation and hosting an Investor Q&A session on the results and future prospects today at 16:00, through the digital platform Investor Meet Company. Investors can sign up for free and add to attend the presentation via the following link <nowiki>https://www.investormeetcompany.com/instem-plc/register-investor</nowiki>. Questions can be submitted pre event and at any time during the live presentation via the Investor Meet Company Platform.
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