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Currency in GBP
Last close As at 27/03/2023
GBP10.28
▲ 24.00 (2.39%)
Market capitalisation
GBP503m
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.
Healthcare
Healthcare
Healthcare
Healthcare
Managing Director - Head of Content, Healthcare
Dr Miroslav Reljanović
Executive chairman
Richard Barfield
CFO
| % | 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 |
