Published on: April 13, 2017
FY 16A results: Solid performance ex-clinical
Instem’s FY 16A results were line with the Jan-17 trading update and our forecasts. Excluding the Clinical business, performance remains solid, particularly in pre-clinical and the SEND businesses. Management has taken decisive actions to address the weakness in Clinical and a further positive is the emerging services story. We make downward revisions to FY 17E earnings forecasts following the results reflecting additional investment in the business.