Pharma services specialist Ergomed PLC (AIM:ERGO, ETR:2EM) said the new year had started "well" as it delivered 2021 results that were ahead of market expectations.
It also provided "forward visibility" as it said its order book had grown by 24.2% to £239.7mln.
Its prelims revealed a 37.3% rise in 2021 revenues to £118.6mln, which translated to underlying earnings (adjusted EBITDA) of £25.4mln, up 31.2%.
Net cash at the year-end (31 December) was £31.2mln, up almost two-thirds on the same time 12 months earlier.
“Our robust order book, track record of delivery, and the clear demand for our offering in a growing market create a strong platform for organic growth and for geographic and service expansion through M&A,” said Ergomed chairman, Dr Miroslav Reljanović.
“We remain extremely confident in Ergomed's future as a leading global provider of specialised pharmaceutical services."
He told investors all parts of the business "benefited significantly" from Ergomed’s expanded geographic presence, with new subsidiaries opened during the year in a number of European countries and in Japan.
The integration of US businesses Ashfield Pharmacovigilance and MedSource, acquired in 2020, was successfully completed ahead of schedule, enhancing the firm's US platform and related sales opportunities, said Reljanović.
In an update on its latest acquisition, ADAMAS, bought in February for £25.6mln, Ergomed said the regulatory compliance provider had been immediately accretive to earnings.