IT firm Instem Life Science Systems has said it has built a solid platform for growth which will be sustained this year through investment and acquisition.
The Staffordshire company, which floated on the Alternative Investment Market (AIM) in October, said it had secured a raft of new business and was now integrating its latest acquisition, BioWisdom.
In its first set of results since flotation, the company, which supplies IT services to the early development healthcare market, said revenues were steady at £10m and that operating profit before non-recurring costs had increased 2% to £2.23m.
Aside from flotation, other highlights during the year to December 31, 2010 included business wins in the Early Development Safety Assessment market. New customers included: the US National Institute of Environmental Health Sciences (NIEHS), Shin Nippon Biomedical Laboratories and Shanghai Institute of Materia Medica.
Customer retention rates remained at over 95% and the firm also launched its latest product, Centrus™, which could see it win new business as the year progresses.
Phil Reason, chief executive, said: “2010 has been a year of substantial strategic development for Instem. The achievement of the successful IPO in October on AIM provides the platform to implement our ambitions for the future growth of the business.
“We have successfully executed on the strategy outlined at the time of our IPO last year and will continue to drive growth through internal investment and complementary acquisitions.
“Importantly we have maintained our leading position in our niche EDSA market, expanded our addressable market through the launch of a new product suite, Centrus, and grown our impressive blue-chip customer base.”
He said the firm was looking forward to the future with confidence.
