25 Mar 2020 07:00
Instem plc
("Instem" or the "Company")
Update to Results Announcement Date
Instem plc (AIM: INS), a leading provider of IT solutions to the global life sciences market, provides the following update to the market.
As announced by the UK Financial Conduct Authority ("FCA") on 23 March, the FCA has written to all listed companies it was aware of that were planning to announce preliminary results in the next few days. They strongly requested that all such companies should observe a moratorium on the publication of their preliminary statements for at least two weeks. This order is to ease the practical challenges faced by those companies and the audit profession during the current COVID-19 crisis.
Whilst the FCA letter was targeted at main market listed entities, Instem has decided to follow that guidance and will not now announce preliminary results on 30th March 2020.
In line with the guidance provided in the Company's Trading update issued on 13th January 2020, subject to audit, Instem expects to report 2019 Revenues of approximately £25.7m and Adjusted EBITDA* of approximately £4.9m, with a 2019 year-end closing cash position of £6.0m.
The Board will update the market with a date for the release of its audited 2019 financial statements as soon as practicable.
*Adjusted EBITDA is Earnings before Interest, Tax, Depreciation, Amortisation and Non-recurring costs
For further information, please contact:
Instem plc | Via Walbrook |
Phil Reason, CEO |
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Nigel Goldsmith, CFO
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N+1 Singer (Nominated Adviser & Broker) | +44 (0) 20 7496 3000 |
Peter Steel Rachel Hayes
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Walbrook Financial PR | +44 (0) 20 7933 8780 |
Tom Cooper | instem@walbrookpr.com |
Nick Rome Nicholas Johnson |
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About Instem
Instem is a leading provider of IT solutions & services to the life sciences market delivering compelling solutions for Study Management and Data Collection; Regulatory Solutions for Submissions and Compliance; and Informatics-based Insight Generation.
Instem solutions are in use by over 500 customers worldwide, including all the largest 25 pharmaceutical companies, enabling clients to bring life enhancing products to market faster. Instem's portfolio of software solutions increases client productivity by automating study-related processes while offering the unique ability to generate new knowledge through the extraction and harmonisation of actionable scientific information.
Instem products and services address aspects of the entire drug development value chain, from discovery through to market launch. Management estimate that over 50% of all drugs on the market have been through some part of Instem's platform at some stage of their development.
To learn more about Instem solutions and its mission, please visit www.instem.com