Unaudited Full Year Results
5 April 2016
Instem plc
("Instem", the "Company" or the "Group")
Unaudited Full Year Results
Instem (AIM: INS.L), a leading provider of IT solutions to the global early development healthcare market, announces its unaudited full year results for the 12 months ended 31 December 2015.
Financial Highlights:
- Revenues increased 22% to £16.3m (2014: £13.4m)
- Recurring revenues increased 9% to £10.0m (2014: £9.2m)
- Software as a Service (SaaS) revenues increased 14% to £2.1m (2014: £1.8m)
- EBITDA* increased 43% to £2.5m (2014: £1.7m)
- Adjusted** profit before tax of £1.7m (2014: £1.1m)
- Loss before tax of £0.4m (2014: profit £0.2m)
- After charging £1.4m of previously announced deferred contingent consideration (2014: £nil)
- Adjusted** basic earnings per share of 13.3p (2014: 8.4p)
- Adjusted** fully diluted earnings per share of 12.9p (2014: 8.3p)
- Net cash balance as at 31 December 2015 of £2.2m (2014: £1.7m)
- After paying £1.3m of deferred contingent consideration (2014: £0.3m)
*Earnings before interest, tax, depreciation, amortisation and non-recurring costs.
**After adjusting for the effect of foreign currency exchange on the revaluation of inter-company balances included in finance income/(costs), non-recurring items and amortisation of intangibles on acquisitions. Profit is adjusted in this way to provide a clearer measure of underlying operating performance.
Operational Highlights:
- Final deferred contingent consideration was paid for Perceptive Instruments and agreed early for Instem Clinical (formerly Logos Technologies) after both exceeded performance criteria.
- Significant ALPHADAS Contract wins included three announced in May 2015 worth approximately £1.4 million.
- Won the majority of SEND business placed worldwide.
- Instem Japan incorporated and Tokyo office opened.
Post Balance Sheet Event
In February 2016 the Company announced it had raised £5.0 million (before expenses) by way of a placing of 2,500,000 New Ordinary Shares, at a price of 200 pence per ordinary share, with certain new and existing investors. The net proceeds are intended to be used in the near term primarily to fund growth through acquisition and also for working capital to enhance organic growth.
Phil Reason, CEO of Instem plc, commented:
“Our core addressable markets continue to grow in terms of the number of potential customers and the absolute size. Our products and services recorded significant year-on-year revenue growth during 2015 and we are pleased to report that we entered the new financial year with a strong forward order book. Regulatory requirements and the enlarged drug R&D pipeline are expected to continue to stimulate demand for Instem’s solutions and services.
The recently strengthened balance sheet provides opportunities to invest further in our core products and services, accelerate the development of new offerings such as KnowledgeScan and SEND submit™ and play a significant role in consolidating the industry in which we operate.
We therefore look forward to the coming year with confidence and expect to deliver further operational and financial progress.”
Download the full results:
Instem Final Results PDF (454 KB)
For further information, please contact:
| Instem plc | www.instem.com |
| Phil Reason, CEO | +44 (0) 1785 825600 |
| Nigel Goldsmith, CFO | |
| N+1 Singer (Nominated Adviser & Broker) | +44 (0) 20 7496 3000 |
| Richard Lindley | |
| Nick Owen | |
| James White | |
| Wallbrook Financial PR | Tel: +44 (0) 20 7933 8000 |
| Paul Cornelius | or instem@walbrookpr.com |
| Sam Allen | |
| Helen Cresswell | |
| Paul Whittington |
About Instem
Instem is a leading supplier of IT applications to the early development healthcare market delivering compelling solutions for data collection, management and analysis across the R&D continuum. Instem applications are in use by customers worldwide, meeting the rapidlyexpanding needs of life science and healthcare organisations for data-driven decision making leading to safer, more effective products.
Instem’s portfolio of software solutions increases client productivity by automating study-related processes while offering the unique ability to generate new knowledge through the extraction and harmonization of actionable scientific information.
Instem supports over 450 clients through full service offices in the United States, United Kingdom and China with additional locations in Japan and India.
To learn more about Instem solutions and its mission, please visit instem.com.