Ergomed, a leading service provider to the pharmaceutical industry, announced a substantial increase in revenue for the first half of 2023. The company reported a 10% growth, with revenue reaching £76.7 million ($98.4 million). This figure exceeded the previous year’s revenue of £69.9 million.
The significant boost in revenue was primarily due to the company’s clinical business research services, which saw an impressive 11% rise to £38 million. Additionally, the pharmacovigilance unit experienced a 9% increase, generating £38.7 million.
Ergomed revealed an order book of £310 million, showcasing a 9% growth in comparison to the previous year. This substantial order book highlights the company’s strong position in the market.
As of June 30, Ergomed boasted a healthy cash balance of £26.0 million, a notable increase from the previous year’s £12.0 million. The company is confident in its financial stability and possesses unused facilities of up to £80.0 million, which can be utilized for expansion through both organic growth and strategic acquisitions.
Looking ahead to the full year, Ergomed is poised to meet market expectations for revenue and adjusted earnings before interest, taxes, depreciation, and amortization. Analysts estimate sales of £161.5 million and adjusted Ebitda of £32.0 million, based on consensus gathered from FactSet.
With these exceptional results and their robust financial position, Ergomed continues to solidify its position as a key player in the pharmaceutical industry.
