25th Mar 2020 10:45
(Alliance News) - Pharmaceutical services provider Ergomed PLC on Wednesday said it swung to profit and posted a double-digit revenue rise.
Revenue in 2019 was 26% higher at GBP68.3 million from GBP54.1 million. Ergomed reported a pretax profit of GBP5.0 million, swinging from a GBP10.8 million loss in 2018.
Executive Chair Miroslav Reljanovic said: "2019 has been a transformational year for Ergomed, delivering strong financial results and executing our focused strategy to become a leading global provider of specialist services to the pharmaceutical industry. We performed strongly across the business and the post year-end acquisition of Ashfield Pharmacovigilance Inc was a major strategic step for Ergomed in the US and in expanding our global presence.
The company back in January announced the USD10 million acquisition of US-based Ashfield from UDG Healthcare PLC.
Ergomed's order book at December 31 was 14% higher year-on-year at GBP124.1 million.
"Ergomed is monitoring closely the rapid development of events in relation to the coronavirus outbreak. To date we have not seen a material impact on the business. Plans for financial risk mitigation are in place and will be implemented should this become necessary," the company said.
The company said it has agreed a GBP30 million credit facility from lenders HSBC Holdings PLC.
Ergomed shares were 4.0% higher at 340.00 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
HSBC HoldingsERGO.L