Instem has delivered a strong set of interim results. Revenues grew by 31% YoY, with EBITDA showing a £0.8m improvement to £0.9m. The company continues to benefit from strengthening R&D pipelines in the pharma industry, with strong demand in both the pre-clinical and clinical segments. The Provantis and ALPHADAS products are performing well, with solid growth seen in the submit pipeline. Following today’s announcement, we increase FY15 revenue forecasts, and introduce FY16 and FY17 estimates.