Published on: July 15, 2019

SEND, SaaS and strength of pipeline

Instem has published a trading update for H1 2019E – the group is trading well, and we make no changes to estimates.  Highlights include a faster-than-expected transition to SaaS for new deals, a doubling of SEND-related sales, and a strong pipeline for H2.  Cash collections appear robust, and the business is seeing strength across the board.  FY 2019E will be H2-weighted (especially at the profit level, given the SaaS transition) but appears to be shaping up well.

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