22nd Jul 2019 09:53
(Alliance News) - Pharmaceutical company Ergomed PLC said on Monday that its revenue for the full year is expected to be ahead of expectations after a "strong" first six months of trading.
Ergomed expects a revenue rise of 36% year-on-year to GBP35.0 million from GBP25.7 million in the six months to June 30. This was helped by its clinical research organisation division having a revenue jump of 40% to GBP19.0 million from GBP13.6 million.
Its pharmacovigilance division had a 32% revenue rise to GBP16.0 million from GBP12.1 million.
The company also expects its earning before interest, tax, depreciation and amortisation to be ahead of expectations and anticipates a cash balance of GBP8.0 million from the first half of the year.
Separately, Ergomed said that it has recruited Rolf Soderstrom to join as a non-executive director, chairing the audit and risk committee.
Peter George, the previous chair of the committee, will remain a member of the remuneration committee and nomination committee.
Soderstrom was chief financial officer of specialist healthcare company BTG PLC from 2008 until 2018
In the same announcement, the company confirmed the appointment of Jim Esinhart as a non-executive director after due diligence concluded.
Esinhart was formerly chief executive of Chiltern International Ltd, a clinical research company.
He also co-found clinical trial outsourcing company PharmaResearch Corp and oversaw its acquisition by Inveresk Research.
Executive Chair Miroslav Reljanovic said: "Following a strong start to the year, we are pleased to have continued performing above expectations, and again upgrade guidance for the full year. Not only have we delivered growth as a profitable and cash-generative business, but we have also strengthened both the management team and the board.
"Ergomed is in robust shape, and we are committed to our strategy of focusing on the opportunities in specialised clinical research organisation services and pharmacovigilance."
Shares in Ergomed were up 6.7% at 318.95 pence each in London on Monday morning.
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