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IT solutions provider Instem swung to a loss as impairments offset a rise in costs.
For the year ended 31 December 2019, the company reported a pre-tax loss of £0.9m compared with a profit of £1.7m, while revenue increased 13% to £25.7m.
Recurring revenue, derived from support & maintenance contracts and SaaS subscriptions, increased during the year by 9% to £14.9m.
Profit took a hit from a non-cash impairment provision of £3.2m against goodwill and other intangible assets in the company's Alphadas early phase clinical data collection business.
'We have remained very busy, have good visibility over a strong first half of 2020 performance and continue to have confidence in the longer term outlook for the business, supported by a strong cash balance at the end of April 2020 of £8.3m,' the company said.
At 8:37am: (LON:INS) Instem Plc share price was +55p at 535p