Published on: May 15, 2023

Strong FY22 results and a positive start to FY23

Instem’s FY22 results demonstrate the benefits of the strategic acquisitions made during 2021. Revenue growth was an impressive 28% YoY (+20% cc), with all four divisions making a positive contribution. Margins improved during the year, as once again did earnings quality. Management’s outlook commentary is positive, with the release signalling that the order book and current trading are both ‘strong’. We revise FY23E and FY24E earnings estimates following today’s release and introduce FY25E forecasts.