10th Apr 2019 13:12
LONDON (Alliance News) - Ergomed PLC on Wednesday said its loss widened sharply in 2018 due to a 42% increase in operating expenses.
The clinical development company reported pretax loss of GBP10.8 million for 2018 compared with GBP4.5 million loss reported a year earlier, as selling, general and administration expenses jumped to GBP28.2 million from GBP19.8 million.
Research & development expenses reduced in 2018 to GBP1.6 million from GBP2.7 million the year before, reflecting costs incurred on pre-clinical studies, clinical trial product manufacture and licencing activities.
Meanwhile, revenue rose by 15% to GBP54.1 million from GBP47.6 million year-on-year, driven by 23% growth in pharmacovigilance revenue to GBP27.5 million and 9% revenue growth to GBP26.6 million from clinical research organisation services.
"2018 saw us continue to deliver strong top-line growth and work hard to deliver a significantly improved financial performance in the second half," said Ergomed Executive Chair Miroslav Reljanovic.
"We are fully committed to our services strategy and confident in the opportunities for our pharmacovigilance business and in our orphan drug development emphasis," added Reljanovic.
Ergomed shares were trading 2.1% higher on Wednesday at 173.50 pence each.
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