30th Sep 2014 13:27
LONDON (Alliance News) - Ergomed PLC said Tuesday that it is confident in its outlook as it posted a decline in pretax profit for the half year to end-June, its first results published since listing on AIM in July.
The company posted a pretax profit of GBP964,000, down from GBP1.5 million a year before, as revenue rose to GBP7.8 million from GBP6.9 million, but this was offset by higher cost of sales and administrative expenses.
Ergomed said its four co-development partnerships have continued to progress well. It said its co-development division has "a strong set of leads under discussion", and the company expects to sign new contracts within the near future.
"We have made very good progress, achieving significant year-on-year growth and are on track to deliver another year of strong performance," said Chief Executive Miroslav Reljanovic in a statement.
At the time of its initial public offering in July the company raised GBP11 million, and acquired drug safety business PrimeVigilance for GBP6 million in cash and GBP3 million in shares. PrimeVigilance is trading in line with expectations, with a strong order book, Ergomed said.
The company said its listing provides it with a platform for growth, and the acquisition of PrimeVigilance strengthens its service offering. It is looking at other potential acquisitions to add to its international footprint and strengthen its offering, it said.
Shares in Ergomed were trading up 1.1% at 160.35 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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