(Alliance News) - Ergomed PLC on Wednesday said it swung to a profit in the first half of 2019 as a strong backlog at the start of the year combined with new business to help push up revenue.
Shares in Ergomed were up 1.4% at 296.00 pence in London in morning trade.
The pharmaceutical industry services firm posted a GBP4.2 million pretax profit, swinging from a GBP2.5 million loss the year before.
Ergomed's sizeable backlog at the beginning of 2019, as well as new business won in the first half, helped push revenue up 37% to GBP35.2 million from GBP25.7 million.
The company made a number of board changes in the period, including appointing the former chief financial officer of Chiltern International, Richard Barfield, as its own CFO. The firm also appointed a new chief commercial officer and three new non-executive directors.
Furthermore, Ergomed has now also announced the departure of Non-Executive Director Peter George, who leaves with immediate effect to focus on his recent appointment as executive chair at aquaculture firm Benchmark Holdings PLC.
Ergomed Executive Chair Miroslav Reljanovic said: "During the first half of 2019 Ergomed has taken further significant steps to fully focus on its services business model, execute its strategy to become a leading specialised [contract research and clinical trial management] services business, and fulfil its future growth potential.
"We have strengthened the executive team and board and further developed our differentiated offering in the clinical services marketplace both through the integration of previous acquisitions and through commercial integration. With an improved financial performance over the first half of 2019 and a strong backlog and first half sales, Ergomed is now positioned for success through continued growth."
By Anna Farley; annafarley@alliancenews.com
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