13th Jan 2016 09:31
LONDON (Alliance News) - Healthcare IT provider Instem PLC on Wednesday said its revenue for 2015 is set to come in ahead of market expectations after a strong year for the business.
Instem said its revenue for the year to the end of December is expected to be GBP15.8 million, up from GBP13.4 million a year earlier, with recurring revenue rising to GBP9.6 million from GBP9.2 million.
The group said the revenue growth has come from new and existing clients and said it has invested in its key growth markets over the course of 2015.
Despite the revenue beat, earnings for the year are set to only meet market expectations, Instem said, due to increased investments it made in the business during the year.
"We are pleased with the financial results that the company has achieved over the past 12 months and the continuing market leadership we have enjoyed across our product lines," said Phil Reason, Instem's chief executive.
"All the indicators for 2016 suggest it will be another year of profitable growth for the business with the inherent operational gearing delivering increased earnings, further enhancing shareholder value," Reason added.
Instem shares were up 8.1% to 230.7599 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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