Ergomed (AIM: ERGO)

Currency in GBP

Last close As at 27/03/2023


24.00 (2.39%)

Market capitalisation


Ergomed is a global full-service contract research outsourcing (CRO) business focused on the US and EU. It provides Phase I–III clinical services in addition to post-marketing pharmacovigilance (PV) services and is predominantly focused on oncology, orphan drugs, rare diseases and PV.

Innovation in healthcare is driving sales and growth in the number of clinical trials being initiated, as pharmaceutical and biotechnology companies continue to invest substantially. Tight operational control and execution will enable Ergomed to drive market share in high-growth orphan drug trials as well as in larger indications.

Latest Insights

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Ergomed — Exiting FY22 on a strong footing


Ergomed — Two key management changes


Ergomed — Poised for a strong FY22


Ergomed — Sustained growth momentum in H122



Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • Dr Miroslav Reljanović

    Executive chairman

  • Richard Barfield


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (9.8) (21.3) (15.4)
Relative (4.1) (21.0) (13.4)
52 week high/low 1456.0p/932.0p


Ergomed’s FY22 trading update re-emphasised its robust business model and resilient growth despite the challenging macro environment. Revenue grew 22.5% y-o-y to £145.3m, underpinned by sustained demand for both the clinical research organisation and pharmacovigilance segments. The order book, a leading indicator of near-term sales potential, remained robust at £295m (up 23.1% over FY21). Ergomed recently acquired ADAMAS Consulting Group. ADAMAS is a UK-based quality assurance services provider and will diversify revenue sources (its offerings do not overlap with Ergomed’s). The integration of the ADAMAS business also supported both segments’ growth during the year. With a £19m cash balance at end-FY22 and £80m in undrawn debt facilities, the company remains well capitalised to fund future growth.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2020A 86.4 19.4 14.4 22.8 45.1 27.5
2021A 118.6 25.4 21.6 39.6 26.0 26.7
2022E 142.1 28.1 24.4 39.4 26.1 29.0
2023E 158.3 31.4 27.5 43.8 23.5 23.1