Unaudited Interim Results
21 September 2011
Instem Life Science Systems plc
("Instem", the "Company" or the "Group")
Unaudited Interim Results
Instem Life Science Systems plc (AIM: INS.L), a leading provider of IT applications to the global early development healthcare market, announces its unaudited interim results for the six months ended 30 June 2011.
Financial Highlights
- Revenues held steady at £4.90m (H1 2010: £5.00m)
- £5.05m at a constant exchange rate
- Recurring revenues accounted for 70% of total revenues (H1 2010: 68%)
- Operating profit before amortisation and non recurring costs of £534k (H1 2010: £724k)
- £600k at a constant exchange rate
- Closing cash balance as at 30 June 2011 of £1.33m
Operational Highlights
- Continued to win the majority of new business placed in the Early Development Safety Assessment (EDSA) market. Notable new customers included ExxonMobil, ASKA, Experimur TetraQ, Medicilon, Battelle, The Jackson Laboratory
- Encouraging BioWisdom sales and growing pipeline of cross-sale opportunities into Instem customer base
- Customer retention rate remained strong at over 95%
- US government sponsored Standard for the Exchange of Non-clinical Data (SEND) released and expected to be a key driver for Centrus™
- Actively pursuing additional acquisition opportunities
Phil Reason, CEO of Instem Life Science Systems plc, commented:
“Given the changes taking place within the pharma market, we have been pleased with progress in the first half of the year, securing several prestigious new customers, as well as achieving additional sales to our current customers. The market response to the BioWisdom acquisition has been extremely positive and we believe it will be a driver of growth in future periods. There is considerable scope for further consolidation within our broader market and we continue to pursue other acquisition opportunities.
“We believe that our enlarged product set means we are well positioned to benefit from the pharmaceutical market’s requirement to increase operational efficiencies through the growing interest in the re-use of data. Whilst the timing of entering into new contracts is not entirely within our control, we have entered the second half of the year with a strong pipeline, which combined with our growing recurring revenue base, enhanced product set and continued market leadership gives us confidence in the continued success of Instem.”
Download the full results:
Instem Interim Results PDF (75 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.