Ergomed PLC (AIM:ERGO, ETR:2EM) has announced its full-year results for the year ended 31 December 2022 showing strong revenue growth and order book growth of 23% to a record £295.0mln.
The company, which is focused on providing specialised services to the pharmaceutical industry, posted full-year revenue growth of 23% to £145.3mln (up 15% in constant currency) in line with market expectations. North American revenues were up 22% to £90.6mln, accounting for 62% of group revenues.
Ergomed reported robust revenue growth of 23% in Clinical Research Services (CRO) to £71.4mln (up 15% in constant currency), which included service fee revenue growth of 27% to £50.8mln (up 19% in constant currency).
There was also continued strong growth in Pharmacovigilance (PV) revenues of 22% to £73.9mln in 2022 (up 14% in constant currency).
The company saw its adjusted EBITDA increase by 12% to £28.4mln, in line with market expectations, as the business continued to invest in building a robust platform for sustainable future growth.
As of 31 December 2022, post the acquisition of ADAMAS, Ergomed had cash and cash equivalents of £19.1mln and was debt free with unutilised facilities of up to £80.0mln.
The acquisition of ADAMAS was completed in February 2022 for a net cash consideration of £24.2mln, and Ergomed said the business has been successfully integrated and achieved its financial expectations for 2022.
In the results statement, Dr Miroslav Reljanović, executive chairman of Ergomed, commented: "During 2022, Ergomed delivered another year of strong revenue and EBITDA growth. The successful acquisition of ADAMAS further endorsed our acquisition strategy and capabilities, and we remain focused on delivering further organic and inorganic growth aligned to our strategic priorities.
"We have continued to strengthen our board and executive management team, remain in a debt-free position and our future is underpinned by a robust order book. As we look ahead to 2023, demand for our services is high, and our focus continues to be on operational excellence and delivering a market-leading service as a global provider of specialist pharmaceutical services addressing unmet medical needs and patient safety."