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Instem PLC on Tuesday said it has agreed on a €1.5 million settlement agreement, following a court hearing in Germany.
Shares in the life science software firm were down 8.3% to 610.00 pence each in London on Tuesday afternoon.
Instem said that the German court hearing was in respect of a one-off, historical contractual licence dispute dating back to 2017 with a former customer.
The company has agreed to pay a €1.5 million settlement, of which its insurer has agreed to contribute €450,000.
‘It was a negotiated settlement with the customer and is not an admission of fault on Instem's behalf,’ Instem explained.
The company added that it had previously created a £250,000 provision for the dispute, and therefore the net charge to Instem's financial year 2022 profit and loss be around £640,000. This will be accounted as a non-recurring, exceptional item.
Instem noted that that the dispute has no impact on current operations.
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