Editing Instem plc: Half Year Trading Update
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Strong organic and inorganic growth with an over 60% increase in recurring software revenue | Strong organic and inorganic growth with an over 60% increase in recurring software revenue | ||
Instem plc (AIM: INS), a leading provider of IT solutions to the global life sciences market, announces a positive trading update for the six months to 30 June 2022 ("H1 2022"). | |||
== Financial Highlights == | == Financial Highlights == | ||
Having completed the acquisitions of The Edge Software Consultancy Ltd ("The Edge"), d-Wise Technologies, Inc ("d-wise") and PDS Pathology Data Systems Ltd during the last financial year (together, the "Acquisitions"), H1 2022 is the first reporting period in which they all contributed fully. | Having completed the acquisitions of The Edge Software Consultancy Ltd ("The Edge"),d-Wise Technologies, Inc ("d-wise") and PDS Pathology Data Systems Ltd during the last financial year (together, the "Acquisitions"), H1 2022 is the first reporting period in which they all contributed fully. | ||
Combined organic and inorganic revenue for H1 2022 is expected to be in the region of £27.6m (H1 2021: £19.8m), an increase of approximately 39%. In addition, recurring software revenue grew by over 60% in the same period. | Combined organic and inorganic revenue for H1 2022 is expected to be in the region of £27.6m (H1 2021: £19.8m), an increase of approximately 39%. In addition, recurring software revenue grew by over 60% in the same period. | ||
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The Company remains optimistic about the wider market opportunity - especially given its broader reach following the integration of the Acquisitions. With a scalable platform in place and significant opportunities, the Board is confident that the enlarged group will continue to deliver growth across all key financial and operational metrics. We are therefore confident that the Group will deliver on the Board's expectations for the FY22 financial year. | The Company remains optimistic about the wider market opportunity - especially given its broader reach following the integration of the Acquisitions. With a scalable platform in place and significant opportunities, the Board is confident that the enlarged group will continue to deliver growth across all key financial and operational metrics. We are therefore confident that the Group will deliver on the Board's expectations for the FY22 financial year. | ||
Phil Reason, CEO of Instem, commented: "Consistent delivery is key and we are delighted with the continued successes of our organic and acquisitive growth strategies. Visibility for H2 has improved through increased recurring revenue, the value of the order backlog for professional and outsourced services and reduced growth in staff numbers which in turn reflects a higher gross margin revenue mix." | |||
== Source(s) == | == Source(s) == | ||