- IT solutions provider Instem said it expected momentum to continue through the rest of the year after reporting a jump in first-half profit.

For the six months ended 30 June 2020, pre-tax profit rose to £1.9 million from £0.4 million year-on-year as revenue was up 20% to £14.0 million.

Performance was driven by growing demand for AI-based solutions and the boost from the Leadscope acquisition, the company said.

'The organic growth achieved highlights the resilience of the company's model, especially given the Covid-19 backdrop, while the positive impact from Leadscope provides a strong reference point for the range of acquisitions that management is currently progressing following the post-period end fundraise,' the company said.

'The company continues to trade in line with the board's expectations, with the board anticipating that the momentum achieved during the first half and post period-end will continue over the rest of the year,' it added.

At 8:01am: [LON:INS] Instem Plc share price was 0p at 515p

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