Biopharma firm Ergomed sees revenues grow by 25 per cent
Guildford-based biopharma group Ergomed has released a trading update for the first half of 2022, ahead of the publishing of its interim results in September.
Ergomed has announced a total revenue for H1 2022 of £69.9 million, which is a year-on-year increase of 24.8 per cent. Service fee revenues, of £59.8 million, were up 25.6 per cent compared to H1 2021.
The group’s revenue consists of £34.3 million from its Clinical Research Services business and £35.6 million from PrimeVigilance, the pharmacovigilance (PV) business. These work out as increases of 26.2 per cent and 23.4 per cent respectively.
Following February’s £24.2 million net cash purchase of ADAMAS, which has strong underlying cash flow, Ergomed’s cash reserves, as of 30 June, were £12 million.
Read more - Biopharma giant Ergomed acquires ADAMAS for £25.6m
The firm has also increased its available credit from £30 million to £80 million, consisting of a £50 million facility and an additional £30 million accordion. This facility is currently undrawn, and the Company is debt-free.
Ergomed has also seen an increase in its order book, from £239.7 million on 31 December to £284.5 million at the end of H1 2022.
Finally, the company has strengthened its senior leadership team. John Dawson, CBE joined the Board as an independent Non-Executive Director and Chair of the Audit Committee, while Anne Whitaker joined as an independent Non-Executive Director.
Dr Miroslav Reljanović, Executive Chairman of Ergomed, said: "Ergomed has delivered further significant strategic progress in H1 2022. Our strong organic growth has continued, with expansion into new territories and further strengthening of the Company's Board and leadership team.
“We also continued to execute our disciplined M&A strategy with the acquisition of ADAMAS. This progress once again demonstrates Ergomed's robustness, resilience and ability to sustain high growth, notwithstanding the challenging macro-economic environment.
“The Board expects to deliver the anticipated trading growth and financial results for the full year in line with current market expectations , and we look forward with confidence to the rest of this year and beyond."
Read more - Anne Whitaker appointed to board of pharma firm Ergomed as non-executive director