Annual General Meeting Statement
Guildford, UK - 10 June 2021: Ergomed plc (LSE: ERGO) ('Ergomed' or the 'Company'), a company focused on providing specialised services to the pharmaceutical industry, announces the following update from Dr Miroslav Reljanović, Executive Chairman, in advance of the Company's closed Annual General Meeting ('AGM') to be held this morning at 9.30am:
"Ergomed has had a strong start to 2021. In the year to date, the conclusion of our strategic transition to a services-based business model, coupled with our ongoing resilience globally through the COVID-19 pandemic, has enabled the Company to build further on the momentum seen in 2020.
"The Company has continued to make significant strategic progress in the current year. With the integration of the Ashfield Pharmacovigilance business successfully concluded, PrimeVigilance, the Company's pharmacovigilance division, has seen continued strong growth in revenues in line with prior trends. In the CRO business, integration of MedSource, which was acquired in December 2020, is progressing well and our CRO business as a whole is seeing further acceleration in the growth that resumed in the second half of 2020.
"Alongside strong organic growth, the integration of the two new businesses is continuing to fuel rapid development of the Company's operational presence in the US. At the same time, the Company's international growth is continuing, with ongoing expansion into further geographic areas, including the recently announced new operation in Japan, the fourth largest pharmaceutical market in the world.
"With continuing strong sales and order book growth, solid trading in the first months of the year, effective cost management and acquisition synergies, the Board currently expects adjusted EBITDA for the full year to be materially ahead of market expectations. Reported revenues for the full year are expected to be in line with market expectations, notwithstanding a higher proportion of US dollar denominated revenues leading to some FX headwinds.
"In accordance with our usual practice, in July 2021 we will provide a more detailed report on current trading and a further update on the outlook for the 2021 financial year as a whole.
"Finally, on behalf of the Board, I would like to thank all of the Company's colleagues and shareholders for their continuing support through the challenging times of the past year, as we look forward with optimism to the rest of the year."
Tel: +44 (0) 1483 402 975
Miroslav Reljanović (Executive Chairman)
Richard Barfield (Chief Financial Officer)
Numis Securities Limited
Tel: +44 (0) 20 7260 1000
Freddie Barnfield / Matthew O'Dowd (Nominated Adviser)
James Black (Broker)
Consilium Strategic Communications
Tel: +44 (0) 20 3709 5700
Chris Gardner / Matthew Neal
About Ergomed plc
Ergomed provides specialist services to the pharmaceutical industry spanning all phases of clinical development, post-approval pharmacovigilance and medical information. Ergomed's fast-growing services business includes an industry-leading suite of specialist pharmacovigilance (PV) solutions, integrated under the PrimeVigilance brand and a full range of high-quality clinical research and trial management services under the Ergomed brand (CRO). For further information, visit: http://ergomedplc.com.