Contract research group Ergomed PLC (AIM:ERGO, ETR:2EM) reported strong top-line growth for the 12 months just gone and provided an upbeat assessment of prospects.
For the year ended December 31, it said expects to report revenue of £145.3 million, a 22.5% increase over 2021 and in line with market expectations.
The update also highlighted the robust performance of Ergomed's pharmacovigilance and clinical research divisions, as well as the ADAMAS business, which the company acquired just under a year ago.
The group said its consolidated pharmacovigilance, clinical research, and ADAMAS order book has grown 23.1% to £295mln, providing strong revenue visibility for 2023 and beyond.
Additionally, it reported strong cash generation, with cash and equivalent balances of £19.1mln and no debt.
"We are confident that our strong financial position, combined with our expanding team and technology capabilities, will enable us to continue to grow and capitalise on the significant opportunities in the market," said chairman Miroslav Reljanovic.
In the update, Ergomed said Jonathan Curtain will replace Richard Barfield as chief financial officer when he retires on 3 February 2023.
At the same time, Michael Spiteri has been appointed chief transformation and technology officer.
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