Guildford-based Ergomed reports solid first half performance
Guildford-based Ergomed, which provides services to the pharma sector, said it had made a strong start to the year, with first half revenue increasing 10%, while the order book on June 30 was up 9% compared to last year.
In a trading update, the company said revenue in the six months was £76.7 million compared with £69.9 million in the first half of 2022.
The order book stood at £310 million at the end of June, compared to £284 million a year earlier.
READ MORE: Guildford's Ergomed confident in future growth prospects
"Ergomed has made a very solid start to the year demonstrating continued growth, reflecting the resilience of the markets we operate in, our services-based business model, and the global appeal of our offering to our clients," said Dr Miroslav Reljanović, the executive chairman of Ergomed.
"We continue to execute on our strategy to transform the business by investing in technology and our commercial infrastructure which has been reflected in robust year over year growth of our new business pipeline.
"In addition, we continue to focus on prudent cost management across the company, and executing our disciplined approach to M&A. We expect to deliver on our expectations for financial results for 2023, and we look forward with confidence to the rest of this year and beyond."
The group's clinical research services (CRO) business increased its revenue by 11% (8% in constant currency) to £38 million in the first half versus H1, 2022.
PrimeVigilance, the pharmacovigilance (PV) business, increased revenue by 9% (6% in constant currency) to £38.7 million (H1, 2022: £35.6 million).
Ergomed said it expected revenue and adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for full year 2023 to be in line with market expectations.
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