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IT solutions provider Instem swung to annual profit after revenue was boosted by business wins from new and existing clients.
For the year ended 31 December 2020, pre-tax profit was £2.5 million, compared with a loss of £0.9 million as revenue increased 10% to £28.2 million.
'[W]e were able to meet new requirements from customers looking to produce rapid solutions for COVID-19 related drug and vaccine development projects,' the company said.
'Given the structural backdrop and opportunities within our existing client base we are confident that we are well placed to continue growing recurring revenues, margins, and cash generation, and look forward to augmenting organic growth via our ongoing acquisition strategy,' the company said.
At 9:37am: (LON:INS) Instem Plc share price was 0p at 440p