Published on: September 27, 2022

Another positive period for Instem

Instem has once again delivered a strong set of interim results, in our view, with the outcome consistent with the August 2022 trading update. The growth story remains the key highlight, with all four divisions making a positive contribution. Earnings quality continues to improve, and the group’s financial position remains robust. Commentary on the outlook is positive, with price rises and stronger growth in high-margin software business expected to benefit second-half financial performance. We maintain FY22E-FY24E earnings estimates following the release.