Instem plc | Published on 26/09/2017
Instem reported double-digit revenue growth in the first half of 2017,
although profitability was reduced by ongoing investment in the
business. Underlying trading remains strong, and the group
reported an impressive improvement in revenue visibility vs H1 16.
The group consolidated global operations during the period,
expected to deliver £1.5m annual cost savings going forward. We
make modest reductions to revenue expectations to reflect caution
in the earnings release, but leave profitability estimates unchanged.