12th Apr 2016 08:11
LONDON (Alliance News) - Pharmaceutical services company Ergomed PLC on Tuesday said its pretax profit more than doubled in 2015 thanks to higher revenue and better margins.
Ergomed said pretax profit for the year to the end of December increased to GBP2.1 million from GBP777,000 a year earlier, as revenue grew to GBP30.2 million from GBP21.2 million and the group's gross margin improved to 28% from 27%.
Much of the revenue growth was driven by PrimeVigilance, the medical information business that Ergomed acquired in mid-2014, along with GBP28.0 million in new contract wins. The company said its backlog currently totals GBP59.0 million, with more than 85% of its planned revenue for 2016 contracted as of January 1.
Ergomed also signed its first orphan disease co-development deal in the year and expanded its presence in the Asian market through the opening of a new office in Taipei, Taiwan. The group acquired Sound Opinion, another medical information service provider, during 2015 and has integrated this into PrimeVigilance.
Ergomed Chief Executive Miroslav Reljanovic said the company will continue looking for acquisitions and said it expects important data from two of its five co-development partners this year.
Shares in Ergomed were up 3.0% to 170.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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