Ergomed earnings boosted by 'significant' profit growth in second half

Writer, Stock Market Wire
Thursday, January 31, 2019 - 10:07

Pharmaceutical services provider Ergomed said Thursday annual earnings were expected to meet market expectations on the back of cost cuts and a 'significant' turnaround in profits seen in the second half.

Net Service fee revenues for 2018 were expected to be approximately £46.5m, up from £39.6m, in line with current market expectations, the company said.

Growth in both pharmacovigilance and CRO was anticipated to be broadly in line with expectations.

New business sales rose to £76m for the year, from £54m a year earlier, bolstering the Ergomed's order book. The backlog of orders at the end of 2018 was expected to be approximately £106m, up from £88m a year earlier.

'Based on our contracted backlog and re-aligned cost base, I am optimistic we can deliver our 2019 growth targets,' said Dr Miroslav Reljanovic, Executive Chairman of Ergomed.

At 10:07am: (LON:ERGO) Ergomed Plc share price was +2.5p at 175p

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