Instem upgrades annual guidance as underlying profit improves

Mon, 27th Sep 2021

IT solutions provider Instem raised its outlook on performance after reporting a rise in adjusted first-half profit amid a jump in revenue. For the six months ended 30 June 2021, adjusted pre-tax profit rose to £2.9 million from £2.1 million as revenue increased 41% to £19.8 million year-on-year. Statutory pre-tax profit fell to £1.2 million from £1.9 million. 'The improvement in our trading profitability in the first half has been sustained post the period end and, as a result, we now expect trading performance, excluding any negative impact of the fair value adjustment to acquired deferred revenue, for the current financial year to be slightly ahead of the board's previous expectations,' the company said. Story provided by StockMarketWire.com

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