A company which provides IT solutions to the global life sciences market saw revenue jump by more than 40 per cent in the first half of 2021.
For the six months to June 30, 2021, Staffordshire-based Instem plc recorded group revenue of £19.8 million – up from £14 million for the same period in 2020.
While adjusted pre-tax profit rose to £2.9 million from £2.1 million in 2020.
So far this year, Instem has made three acquisitions.
The company also acquired life sciences software company PDS Pathology Data Systems Ltd for £11.4 million in September.
Instem CEO Phil Reason expects trading for the full year to be ahead of the company’s previous expectations.
He said: “As a company, we are focussed on growing both organically and by acquisition. We are delighted with the transactions completed during and post the period end as well as the performance of our existing operations. We have a scalable platform in place and a highly leverageable business model underpinning a number of growth opportunities in existing and adjacent markets.
“We are delighted to have achieved strong organic growth, with the additions of The Edge, d-wise and, most recently, PDS underpinning a step change in the scale of the business.
“Market conditions remain buoyant and we have a strong pipeline of opportunities, with a significantly increased target market. 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.”
BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire.
Click through here to sign up for our daily email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates.
We will also send out ‘Breaking News’ emails for any stories which must be seen right away.
For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here.
Mr Reason added: “My thanks go to our enlarged global team of over 480 staff, who have continued to perform exceptionally well whilst working remotely.
“We expect that an indefinite blend of home and hybrid working will provide permanent operational efficiencies while enhancing staff work-life balance.”