10 Jun 2022 07:00
PRESS RELEASE
Annual General Meeting Statement
Guildford, UK - 10 June 2022: Ergomed plc (LSE: ERGO) ('Ergomed' or the 'Company'), a company focused on providing specialised services to the pharmaceutical industry, announces the following update from Dr Miroslav Reljanović, Executive Chairman, in advance of the Company's Annual General Meeting ('AGM') to be held this morning at 9.30am BST.
"Ergomed started 2022 from a position of strength, with a robust order book and strong sales momentum continuing from prior years. Over the first few months of this year, the Company has built further on this momentum, thanks to our resilient services-based business model and the global strength of our offering following the successful integration of businesses acquired in prior years. Underpinning this, Ergomed is in a robust financial position with a strong balance sheet and cash generation.
"The Company has made further significant strategic progress in the current year. Our organic growth has continued with year-to-date revenues increasing in line with prior trends. Our expansion into new territories is ongoing, with a new legal entity established in France and others in progress in Romania, Italy, Ireland and Portugal. We have also continued to further strengthen the Company's leadership team, attracting senior executives with significant prior experience in the CRO, PV and pharma services sectors, and announced today the appointment of Anne Whitaker as a new independent Non-Executive Director.
"Alongside this organic growth, Ergomed continues to execute its disciplined M&A strategy, focused on value-enhancing and strategic acquisitions which strengthen our position on a global scale. In February this year we announced the acquisition of ADAMAS Consulting Group Limited, an international specialist consultancy offering a full range of independent quality assurance services. The transaction was immediately earnings accretive, and further growth synergies and strategic benefits are expected in future years.
"With continuing strong sales and order book growth, together with effective cost management, in 2022 Ergomed continues to demonstrate its resilience and defensive characteristics, notwithstanding the challenging macro-economic environment, and the Board expects to deliver the anticipated trading growth and financial results for the full year in line with current market expectations.
"In accordance with our usual practice, we will provide more detail on current trading and the outlook for the 2022 financial year in the Company's July Trading Update.
"On behalf of the Board, I would like to thank all the Company's staff and shareholders for their continuing support, and we look forward to the rest of this year with confidence and enthusiasm."
ENDS
Enquiries:
Ergomed plc | Tel: +44 (0) 1483 402 975 | |
Miroslav Reljanović (Executive Chairman) | ||
Richard Barfield (Chief Financial Officer) Keith Byrne (Senior Vice President, Capital Markets & Strategy) | ||
Numis | Tel: +44 (0) 20 7260 1000 | |
Freddie Barnfield / Euan Brown (Nominated Adviser) | ||
James Black (Broker)
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Peel Hunt (Joint Broker) | Tel: +44 (0) 20 7418 8852 | |
James Steel / Dr. Christopher Golden |
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Consilium Strategic Communications | Tel: +44 (0) 20 3709 5700 | |
Chris Gardner / Matthew Neal / Angela Gray | ergomed@consilium-comms.com | |
About Ergomed plc
Ergomed provides specialist services to the pharmaceutical industry spanning all phases of clinical development, post-approval pharmacovigilance and medical information. Ergomed's fast-growing services business includes an industry-leading suite of specialist pharmacovigilance (PV) solutions, integrated under the PrimeVigilance brand, a full range of high-quality clinical research and trial management services under the Ergomed brand (CRO) and mission-critical regulatory compliance and consulting services under the ADAMAS brand. For further information, visit: http://ergomedplc.com.