Ergomed reports record full-year order book growth
Pharmaceutical industry service specialist Ergomed reported impressive growth across key financial metrics in its preliminary results on Tuesday, with record order book growth and strong revenue performance.
The AIM-traded company said its order book experienced a 23% increase, reaching a record high of £295m.
Its revenue also saw significant growth, with a 23% rise to £145.3m for 2022, or 15% at constant currency, aligning with market expectations.
Ergomed's clinical research services division reported robust revenue growth of 23% to £71.4m, including a 27% increase in service fee revenue to £50.8m.
Additionally, its pharmacovigilance division continued its strong growth trajectory, with revenues increasing 22% to £73.9m.
The firm’s adjusted EBITDA rose 12% to £28.4m, in line with market expectations.
Ergomed said it continued to invest in building a robust platform to support sustainable future growth during the year.
At year-end on 31 December, Ergomed held cash and cash equivalents of £19.1m, after the acquisition of Adamas, and remained debt-free, with unused facilities of up to £80m.
“During 2022, Ergomed delivered another year of strong revenue and EBITDA growth,” said executive chairman Miroslav Reljanović.
“The successful acquisition of Adamas further endorsed our acquisition strategy and capabilities, and we remain focused on delivering further organic and inorganic growth aligned to our strategic priorities.”
Dr Reljanović said the firm continued to strengthen its board and executive management team, remained in a debt-free position, and added that its future was underpinned by a robust order book.
“As we look ahead to 2023, demand for our services is high, and our focus continues to be on operational excellence and delivering a market leading service as a global provider of specialist pharmaceutical services addressing unmet medical needs and patient safety.”
At 1459 GMT, shares in Ergomed were down 1.78% at 1,001.8p.
Reporting by Josh White for Sharecast.com.