Instem climbs after 500% increase in SEND order value

Instem rose on Tuesday after it reported that it finished the year in line with expectations following a 500% increase in total order values received for its SEND software.

The pharmaceutical software developer said all three areas of its business, Data Collection, Regulatory Solutions and Informatics, made a positive contribution for the year ended 31 December, with strengthening margins and underlying EBITDA falling in line with management's expectations.

Phil Reason, chief executive of Instem, said: "Instem has invested significantly in the business in recent years and these results further illustrate such investment converting into profitable growth. In addition to a host of new client wins, many existing clients have extended their use of Instem's products and services and, importantly, have transitioned to our SaaS solutions."

With a strong finish to the year and 500% growth in total order value received for SEND, the AIM traded company recruited more staff to its outsourced SEND services team across the UK, the US and India.

Net cash at the end of the year stood at approximately £3.6m, up from £3.1m at the same point a year earlier, and is set to rise early in the current year as delayed payments from a small number of customers are received.

Finally, the company confirmed that an initial hearing will take place on Tuesday for its ongoing German legal dispute, which Instem said will not affect ongoing operations and "should be dismissed".

Instem's shares were up 7.48% at 273.00p at 1122 GMT.