Instem's revenues increased 21% to £9.1m in the six months to the end of June with recurring revenues up 6% at £5.3m. EBITDA increased 34% to £1.2m and adjusted profit before tax rose to £1.0m (H1 2015: £0.7m). Profit before tax was £0.1m (H1 2015: £0.3m) and basic earnings per share fell to 0.4p (H1 2015: 1.6p). Adjusted basic earnings per share rose to 6.3p (H1 2015: 5.1p). Seasonal net operating cash outflow was £1.5m (H1 2015: £1.0m) and the grouop had a net cash balance of £4.8m (H1 2015: £0.1m). Chief executive Phil Reason said: "The encouraging market dynamics in early drug development, including the new regulatory requirements driven by the Standard for the Exchange of Non-Clinical Data, have supported year-on-year revenue and underlying profit growth in the first half of 2016. The acquisitions of Samarind in May and Notocord in September add to a strong pipeline of new business opportunities through the remainder of 2016 and into 2017."
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