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Ergomed hails a strong first-half as order book continues to grow

The company also said it was on track to hit full-year forecasts

Ergomed PLC -
Ergomed is a contract research specialist

A strong order book and significant new business wins helped drive the first-half performance of contract research specialist Ergomed PLC (LON:ERGO).

Revenues grew 37% to £35.2mln in the six months to June 30, giving underlying earnings (EBITDA) of £6.5mln – this time last year the company was at break-even. The order backlog is up almost 27% at £118.3mln.

The group saw its cash balance grow by £700,000 to £8.1mln.

Based on foregoing figures, Ergomed said it was on track to hit full-year forecasts.

"During the first half of 2019 Ergomed has taken further significant steps to fully focus on its services business model, execute its strategy to become a leading specialised CRO [contract research] services business, and fulfil its future growth potential,” said chairman Miroslav Reljanović.

In a separate announcement, the company announced the departure of senior independent director, Peter George.

Quick facts: Ergomed PLC

Price: 795 GBX

AIM:ERGO
Market: AIM
Market Cap: £384.88 m
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