Published on: April 26, 2022

FY21 Strong financial performance, strategic transformation

Instem has reported FY21 results consistent with the January trading statement and in line with our forecasts. Despite the ongoing macroeconomic turbulence from Covid-19, the group continues to report impressive revenue growth, both headline and organic. With three major acquisitions, the group also made a strategic step change in its platform during 2021. While the release contains positive commentary on the outlook, we adjust FY22E and FY23E profit forecasts to reflect revised opex assumptions.

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