23rd Jul 2018 10:55
LONDON (Alliance News) - Instem PLC said Monday that trading in the first half was in line with market expectations due to several significant new client wins, and the company remains on track to meet annual expectations due to the continued improvement in recurring revenue and earnings visibility.
Shares in the technology company focused on the global life sciences market were up 7.1% at 315.00 pence each.
"The financial year has started well, and we are confident further new business, the delivery of recent contract wins, and strong operational management will ensure we meet our expectations for the full year," said Chief Executive Phil Reason.
The company said orders for its SEND software solutions and technology-enabled SEND out-sourced services increased year-on-year, with 103 orders won during the six-month period ended June 30, compared to 47 and 65 for the first and second six-month periods of 2017, respectively.
The total contracted value of SEND-related new business for the six month period nearly tripled over the corresponding period last year, with outsourced services orders particularly strong.
Net cash at June 30 stood at GBP3.7 million, versus GBP1.2 million a year before.
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