Ergomed sees FY earnings beating expectations
Ergomed
1,346.00p
08:02 13/11/23
Pharmaceutical industry services provider Ergomed said on Wednesday that it had continued to deliver strong year-on-year top-line growth and now expects full-year underlying earnings to come in ahead of current market expectations.
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The positive trading performances seen in both Ergomed's Clinical Research Organisation and Pharmacovigilance businesses during the first six months of the year continued through to the year-end and resulted in "a strong order book" at the start of 2020.
Revenues for 2019 were expected to be in line with expectations at approximately £68m, an increase of 26% year-on-year - with CRO revenues increasing 23% to £32.6m and PV revenues growing 29% to £35.4m.
The strong revenues and continued focus on profitability in 2019 were expected to result in adjusted underlying earnings coming in ahead of current market expectations.
Ergomed continued to be debt-free at the year-end, with cash and equivalent balances over £14m.
Chairman Dr Miroslav Reljanović said: "2019 has been a transformational year for Ergomed. The momentum seen in the first half has continued and the business has performed ahead of market expectations for the full year.
"With a robust financial position, strong order book and strengthened leadership team, we are firmly positioned to deliver on the promise of becoming a leading mid-tier pharmaceutical services specialist with a global presence."
As of 1100 GMT, Ergomed shares were up 6.98% at 460p.