Ergomed PLC (AIM:ERGO, ETR:2EM) reported 10% revenue growth for the first half of the year and with “excellent forward visibility” said turnover and underlying earnings are both anticipated to be in line with expectations for the full year.
The provider of specialist services to the pharmaceutical industry revealed in a trading statement that cash had grown to £26mln at the half-year stage from £12mln a year earlier and £19.1mln at the end of December, with “good” underlying operating cash flow generation and unutilised facilities of up to £80mln available.
It hailed “strong” growth in the pipeline and order book to £310mln at the halfway point in the year, up 9% on last June or 11% if adjusting for foreign exchange.
“This provides excellent visibility of revenue for the second half of 2023 and beyond and is supported by robust new business pipeline growth of 30% over H1 2022,” the AIM-listed company said.
Executive chairman Dr Miroslav Reljanović said the growth in the first half reflected “the resilience of the markets we operate in, our services-based business model, and the global appeal of our offering to our clients”.
“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.”