Instem plc Trading Statement (1888U)
January 16 2017 - 1:00AM
UK Regulatory
TIDMINS
RNS Number : 1888U
Instem plc
16 January 2017
16 January 2017
Instem plc
("Instem" or the "Company")
Period End Trading Update
Instem plc (AIM: INS), a leading provider of IT solutions to the
global early development healthcare market, announces a period end
trading update for the year ended 31 December 2016.
Revenues for the year increased by approximately 11% to circa
GBP18.1m (2015: GBP16.3m) generating adjusted EBITDA of GBP1.2m. As
previously announced, the strong performance in the majority of the
business was offset by the disappointing performance of Instem
Clinical and the signing of certain contracts, totalling GBP1.2
million, which has been delayed into 2017. Instem still expects to
secure these contracts in the current year. Net cash as at 31
December 2016 was GBP4.1m (2015: GBP2.2m).
In order to capitalise on the longer term opportunities in its
markets, the Company continued its investment in products and
staff. Importantly Instem has continued to secure the majority of
the SEND-related product and service contracts placed globally
during 2016. The Company won over 30 SEND-related contracts for its
software solutions and technology-enabled out-sourced services
during the second half of 2016. The largest of these wins was with
a top 10 global pharmaceutical company, which has purchased
Instem's entire submit(TM) solution suite.
The acquisitions of Samarind Limited and Notocord, which
completed in May and September 2016 respectively, will make a full
12 month contribution in the current year.
Phil Reason, CEO of Instem, commented; "Although the slowdown in
the early phase clinical market and contract delays were
disappointing, other parts of the business continued to perform
well and we made significant progress during the year. Importantly,
the overall market dynamics for our products and services remains
positive and we therefore look forward to the next financial year
with increasing optimism."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Instem plc +44 (0) 1785 825 600
Phil Reason, CEO
Nigel Goldsmith, CFO
N+1 Singer (Nominated Adviser
& Broker) +44 (0) 20 7496 3000
Richard Lindley
Nick Owen
Walbrook Financial PR +44 (0) 20 7933 8000
Paul Cornelius instem@walbrookpr.com
Helen Cresswell
Sam Allen
Paul Whittington
About Instem plc
Instem is a leading supplier of IT applications and services to
the early development healthcare market delivering compelling
solutions for data collection, analysis and regulatory submissions
management. Instem solutions are in use by customers worldwide,
meeting the rapidly expanding needs of life science and healthcare
organisations for data-driven decision making leading to safer,
more effective products.
Instem's portfolio of software solutions increases client
productivity by automating study-related processes while offering
the unique ability to generate new knowledge through the extraction
and harmonisation of actionable scientific information. Instem
supports over 500 clients through offices in the United States,
United Kingdom, France, Japan, China and India. To learn more about
Instem solutions and its mission, please visit www.instem.com
This information is provided by RNS
The company news service from the London Stock Exchange
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