21st Mar 2023 10:16
(Alliance News) - Ergomed PLC on Tuesday was confident of growth in the year ahead, as it posted increased returns in 2022 on strong sales and organic growth.
Ergomed is a Surrey, England-based pharmaceutical services company.
For 2022, the firm reported pretax profit of GBP18.0 million, up from GBP14.3 million a year prior.
Revenue climbed to GBP145.3 million from GBP118.6 million, while cost of sales increased to GBP64.7 million from GBP52.5 million.
Organically, the company increased its order book, winning awards from both new and existing clients, as new operations opened in France, Italy, Romania, Portugal and Ireland. Operationally, it said that it has continued to focus on providing specialist services to the pharmaceutical industry.
Looking ahead, Ergomed said that it has started 2023 in a strong position, and remains "well positioned" for the year ahead and beyond.
"During 2022, Ergomed delivered another year of strong revenue and earnings before interest, tax, depreciation and amortisation growth. The successful acquisition of ADAMAS further endorsed our acquisition strategy and capabilities, and we remain focused on delivering further organic and inorganic growth aligned to our strategic priorities," said Executive Chair Miroslav Reljanovic.
Ergomed bought ADAMAS Consulting Group Ltd, an international consulting specialist, in February for a net cash consideration of GBP24.2 million.
"We have continued to strengthen our board and executive management team, remain in a debt-free position and our future is underpinned by a robust order book. As we look ahead to 2023, demand for our services is high, and our focus continues to be on operational excellence and delivering a market leading service as a global provider of specialist pharmaceutical services addressing unmet medical needs and patient safety."
Ergomed shares were trading 3.3% higher at 1,054.00 pence each in London on Tuesday morning.
By Holly Beveridge, Alliance News reporter
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