Ergomed PLC (AIM:ERGO, ETR:2EM, FRA:2EM) highlighted ‘exceptional’ results and progress in the first half of 2021 as revenues rose by 38.8% to £56mln.
The firm’s Clinical Research Services (CRO) in particular performed strongly with the division increasing revenue by 90.7% year-on-year to £27.2mln.
Revenue and earnings (EBITDA) for the full year are expected to be in line with Ergomed’s recently upgraded expectations.
"Ergomed has delivered exceptional results and operational progress during the first half of the year,” said executive chair Dr Miroslav Reljanović. “We have concluded our transition to a services-based business model and rapidly integrated recent acquisitions.
“Growth in our pharmacovigilance business has continued and the CRO business saw a substantial revenue increase supported by the recent US acquisition.
“Our excellent sales performance, significantly increased order book and robust financial platform position the company to maintain momentum and deliver on our strategy for sustained high growth."
Ergomed reported £56mln of revenue for the six months ended June 30, ahead of interim results due in September, it marked 38.8% growth on the 2020 comparative, and was up some 48.1% on a constant currency basis.
Whilst the CRO unit grew revenue by 90% to £27.2mln, the firm’s PrimeVigilance unit increased revenue by around 10% to £28.8mln.
The company, meanwhile, also highlighted strategic progress and its ongoing resilience globally through the pandemic. Ergomed is a recognised provider of COVID-19 research support, its involved in a number of COVID-19 projects in its CRO and PV businesses.
CRO has seen further acceleration of the growth that resumed in the second half of 2020 and the integration of MedSource is progressing well, it added.
Ergomed said its international expansion is continuing at pace.