Instem has once again delivered a strong set of interim results in our view, with the growth story the key highlight. The group has made three major acquisitions during 2021 (including PDS which was completed in the second half) which have transformed the organisation and are integrating well. In addition, the existing business delivered double-digit organic growth during the first half. Improved earnings quality from the ongoing transition to SaaS delivery is a further highlight of the release. Commentary on the outlook is positive, and we maintain FY 22E and FY 23E estimates.