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Instem PLC - IT solutions provider based in Staffordshire, England - Posts slightly lower annual revenue than expected for 2021, after which its shares plummet. Revenue increases to £46.0 million from £28.2 million the year before. In January, the firm said it expected annual revenue to be £46.1 million. Pretax profit grows to £3.0 million from £2.5 million in 2020.
Instem confirms it has paid the first tranche of its agreed earn out for the acquisition of strategic consulting firm d-wise Technologies Inc, worth $1.5 million. Instem bought the company in April 2021.
Firm explains it is impacted by labour cost inflation. Looking forward, the firm adds they believe ‘that the momentum and platform we now have in place ensures that the company is well positioned for continued success over the longer term.’
Current stock price: 659.90 pence, down 15% on Tuesday
12-month change: down 3.7%
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