Ergomed FY22 results re-emphasised its robust business model and resilient growth despite the challenging macro environment. Revenues grew 22.5% y-o-y to £145.3m, underpinned by sustained demand for both the CRO and PV segments and supported by the ADAMAS acquisition (£10.2m revenue contribution) and foreign exchange benefit. The order book, a leading indicator of near-term sales potential, remained robust at £295m (up 23.1% over FY21). The February 2022 acquisition of ADAMAS Consulting Group (a UK-based quality assurance services provider) helps to diversify revenue sources (its offerings do not overlap with Ergomed’s). With year-end net cash of £19.1m over the £12m reported in H122 (after the £24.2m net cash purchase of ADAMAS) and £80m in undrawn credit facilities, Ergomed remains well-capitalised to fund future growth.