29th Sep 2015 11:22
LONDON (Alliance News) - Ergomed PLC Tuesday said it remains confident in its outlook, and is "on track to deliver another year of good performance", as it reported a rise in pretax profit for its first half.
For the half year to end-June the company reported a pretax profit of GBP1.1 million, up from GBP964,000 a year before, as a rise in revenue to GBP14.5 million from GBP7.9 million was partly offset by a step up in administrative costs.
The company said it had contracts with a value of GBP15.0 million for clinical studies and pharmacovigilance projects in the first half of 2015, compared to GBP11.2 million, and a strong backlog of awarded contracts of around GBP60 million as at the end of August.
In terms of its portfolio of co-development assets, three oncology assets are in phase III studies, and two of these studies are expected to report results in 2016. One phase II clinical study is also due to report results in 2016.
"Overall, we continue to believe that our hybrid model of a profitable, healthcare services business, combined with managed investment in an exciting co-development portfolio, has the potential to deliver significant value while balancing the risks over the next few years," said Chief Executive Officer Miroslav Reljanovic in a statement.
Shares in Ergomed were up 3.0% at 173.60 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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