Ergomed turns in 'strong' first half performance

Ergomed reported a “strong” first half performance on Tuesday, with total revenue rising 24.8% year-on-year to £69.9m.

The AIM-traded firm said adjusted EBITDA was 13.6% firmer for the six months ended 30 June at £13.8m, making up 23% of service fee revenue.

Its total order book stood at £284.5m, up 18.7% since 1 January and up 24.9% over the first half of 2021, which the board said underpinned forward visibility.

Operationally, Ergomed said the completed acquisition of Adamas was trading in line with expectations.

It reported a cash balance of £12m at period end, after the £24.2m net cash purchase of Adamas, with available debt facilities increasing to £80m.

The company said its current trading was in line with market expectations.

“Ergomed has delivered further significant strategic progress in the first half of 2022 with continued strong organic growth, ongoing delivery of value from recent acquisitions including Adamas, and further organic expansion into new geographies of strategic importance,” said executive chairman Dr Miroslav Reljanović.

“Alongside this, we have further strengthened the company's board and leadership team, laying the foundations for the next steps of our growth strategy.

“Ergomed has a robust and resilient business model which is delivering a high level of sustainable growth at a time of wider challenges in the global macro-environment.”

At 1529 BST, shares in Ergomed were down 0.17% at 1,148p.

Reporting by Josh White at Sharecast.com.