25th Sep 2013 09:19
LONDON (Alliance News) - Instem PLC saw increases in revenues as its Provantis software performed well and the global pharmaceutical market continued its slow recovery, although it posted no pretax profits due to costs from its acquisition of Logos Technologies.
For the half-year ended June 30, the company posted revenues of GBP5.5 million, up from GBP4.9 million in the previous year. The company posted no pretax profits, down from a pretax profit of GBP109,000. Revenues were boosted by strong performances from its pre-clinical study management suite Provantis, which won a significant USD6.2 million contract with the National Institution of Environment Health Sciences.
However, profits were mitigated by non recurring costs of GBP100,000 incurred during the acquisition of Logos Technologies.
The healthcare software provider said that it would continue to evaluate internal development and acquisition opportunities. It said that it had a strong pipeline of new opportunities, and that its acquisition of Logos Technologies had already been beneficial.
Positive signs of growth within the pre-clinical study and early clinical Contract Research Organisations is an indicator that the broader pharmaceutical market is continuing to recover, the company said.
Shares in Instem were trading up 2.5% at 158.35 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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