Ergomed shares increased 7.5% to 1,086p in late afternoon trading on Tuesday after the group announced a total revenue growth of 24.8% to £69.9 million in HY1 2022.
Ergomed commented it anticipated total revenue and adjusted EBITDA for the FY term to be in line with market expectations.
The group said it currently had a strong operational cash flow, with a cash balance of £12 million after its £24.2 million net cash purchase of international specialist consultancy ADAMAS.
Ergomed mentioned its integration of ADAMAS was progressing well, with further synergistic benefits expected to materialise down the timeline.
The firm reported it was debt free with available debt facilities which recently increased from £30 million to £80 million.
The company noted a total order book of £284.5 million, with a climb of 18.7% since 1 January 2022. The group subsequently confirmed high visibility into HY2 2022 and beyond.
“Ergomed has delivered further significant strategic progress in H1 2022. Our strong organic growth has continued, with expansion into new territories and further strengthening of the Company’s Board and leadership team,” said Ergomed executive chairman Dr Miroslav Reljanović.
“We also continued to execute our disciplined M&A strategy with the acquisition of ADAMAS. This progress once again demonstrates Ergomed’s robustness, resilience and ability to sustain high growth, notwithstanding the challenging macro-economic environment.”
“The Board expects to deliver the anticipated trading growth and financial results for the full year in line with current market expectations , and we look forward with confidence to the rest of this year and beyond.”
