15th Jul 2019 12:57
(Alliance News) - Instem PLC on Monday said it expects to report double-digit revenue growth in the first half of 2019 following strong performance across all of its units.
The IT solutions provider said all three areas of the business, Data Collection, Informatics and Regulatory Solutions, performed well during the six months to the end of June, resulting in 10% year-on-year revenue growth. In the first half of 2018, Instem delivered revenue of GBP10.3 million.
Software-as-a-service-based revenue gained greater traction than expected during the period, Instem said, as more new customers chose SaaS subscriptions over perpetual licensing.
The company reported growth in new customer numbers in its Data Collection business, alongside continued growth in existing customer volumes.
Meanwhile, Instem said it saw more than 20% growth in its augmented intelligence Informatics services, while the Regulatory Solutions business delivered doubled revenue in the first half.
Looking ahead, the company said further diversification of revenue by both type and geography is expected to continue to benefit performance through the remainder of the year.
"The business has performed well during the period with above average growth in new data collection clients and technology enabled outsourced services growing strongly," said Chief Executive Phil Reason.
"The board expects that full-year performance will be in line with expectations," added Reason.
Instem shares were trading 2.5% higher on Monday in London at 364.00 pence each.
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