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Instem saw profit before tax jump from £0.1 to £0.4m with net cash operating inflow doubling from £1.6m to £3.2m.
Recurring revenue increased from £6.5m to £7m and the new Software as a service orders saw business increase from £0.5m to £1.1m. The company expects to continue its transition towards SaaS in order to increase earnings visibility.
In total, revenue was 11% from £10.5m to £11.7m, with all three areas of the business performing well.
Since the results, Instem has been awarded four Provantis contracts worth approximately £1.7m in aggregate, of which approximately £1.0m in revenue is expected to be recognised in H2 2019.
Phil Reason, CEO of Instem plc, commented:
'Performance in the first half of the current year reflects both the strategic restructuring undertaken in prior years and the increasing efficacy of the Company's leading technology and services.'
'It was further underpinned by a positive market backdrop, with the pharmaceutical industry increasing investment in the types of software and services Instem provides to match the expanding drug pipeline and to satisfy increasing regulatory requirements.'