16th May 2019 10:52
LONDON (Alliance News) - Shares in Ergomed PLC rose on Thursday as it said it expects earnings and revenue for 2019 to be above market expectations.
Shares in the pharmaceutical services provider were 14% higher at 232.80 pence on Thursday.
For the year to date, trading was strong in Ergomed's Clinical Research Organisation Services and Pharmacovigilance businesses.
The CRO segment has benefited from agreements with clients on change order and projects, while trading in Pharmacovigiliance is solid, and is expected to remain solid for the rest of the year.
As a result, earnings before interest, taxes, depreciation and amortisation and revenue for 2019 is set to beat market expectations.
"We are still early in the year but we have seen an excellent start to 2019 across our business. Trading performance is strong in both CRO and PV and we continue to see the benefits of our focus on improved financial performance and profitability," said Executive Chair Miroslav Reljanovic.
"Demand for our full range of pharmaceutical services is generally buoyant and we remain fully confident in the attractiveness of our specialised service offering," Reljanovic added.
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