WASHINGTON: Instem, a leading provider of IT solutions to the global early development healthcare market, saw revenues rise by 22% to GBP16.3m in the year to the end of December.
Recurring revenues increased 9% to GBP10.0m (2014: £9.2m) while Software as a Service (SaaS) revenues rose by 14% to GBP2.1m. EBITDA increased 43% to GBP2.5m and adjusted profit before tax rose to GBP1.7m (2014: GBP1.1m). The group reports a loss before tax of GBP0.4m (2014: profit GBP0.2m) after charging GBP1.4m of previously announced deferred contingent consideration (2014: nil).
Chief executive Phil Reason said: “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.”