26th Apr 2022 11:03
Instem PLC - IT solutions provider based in Staffordshire, England - Posts slightly lower annual revenue than expected for 2021, after which its shares plummet. Revenue increases to GBP46.0 million from GBP28.2 million the year before. In January, the firm said it expected annual revenue to be GBP46.1 million. Pretax profit grows to GBP3.0 million from GBP2.5 million in 2020.
Instem confirms it has paid the first tranche of its agreed earn out for the acquisition of strategic consulting firm d-wise Technologies Inc, worth USD1.5 million. Instem bought the company in April 2021.
Firm explains it is impacted by labour cost inflation. Looking forward, the firm adds they believe "that the momentum and platform we now have in place ensures that the company is well positioned for continued success over the longer term."
Current stock price: 659.90 pence, down 15% on Tuesday
12-month change: down 3.7%
By Tom Budszus; [email protected]
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