Ergomed sees FY earnings beating expectations
By Iain Gilbert
Date: Wednesday 29 Jan 2020
(Sharecast News) - Pharmaceutical industry services provider Ergomed said on Wednesday that it had continued to deliver strong year-on-year top-line growth and now expects full-year underlying earnings to come in ahead of current market expectations.
The positive trading performances seen in both Ergomed's Clinical Research Organisation and Pharmacovigilance businesses during the first six months of the year continued through to the year-end and resulted in "a strong order book" at the start of 2020.
Revenues for 2019 were expected to be in line with expectations at approximately £68m, an increase of 26% year-on-year - with CRO revenues increasing 23% to £32.6m and PV revenues growing 29% to £35.4m.
The strong revenues and continued focus on profitability in 2019 were expected to result in adjusted underlying earnings coming in ahead of current market expectations.
Ergomed continued to be debt-free at the year-end, with cash and equivalent balances over £14m.
Chairman Dr Miroslav Reljanović said: "2019 has been a transformational year for Ergomed. The momentum seen in the first half has continued and the business has performed ahead of market expectations for the full year.
"With a robust financial position, strong order book and strengthened leadership team, we are firmly positioned to deliver on the promise of becoming a leading mid-tier pharmaceutical services specialist with a global presence."
As of 1100 GMT, Ergomed shares were up 6.98% at 460p.
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