Instem has announced solid interim results. Revenues grew by 21% YoY, accompanied by a 34% improvement in EBITDA. Activity in the pre-clinical segment remains strong, as evidenced by the multi-year Charles River Laboratories agreement. The group’s submit suite continues to deliver good commercial progress, with over $1.6m of new contracts signed in H1 16. We believe there are good grounds for optimism for the second half and beyond.