Edison Investment Research Limited
London, UK, 21 November 2022
Ergomed (ERGO): Two key management changes
In a strategic move to support its business development plans and digitisation efforts, Ergomed has announced two senior appointments to its executive team. Michael Spiteri, a serving non-executive director at Ergomed, has been named as the chief transformation and technology officer and Jonathan Curtain has been appointed as deputy chief financial officer. Amid the sustainable and strong momentum in Ergomed’s business in H122 despite market softness, we see that the new additions as underscoring the management’s focus on business expansion and digital transformation.
As a recap, Ergomed recently released full H122 results indicating sustained strong momentum across both business segments despite the underlying biotech market softness. The 24.8% y-o-y revenue growth was supported by geographical expansion, forex tailwinds and a £4m contribution from the ADAMAS acquisition. The revenue growth translated into robust margins, which should benefit further from the consolidation of the higher-margin ADAMAS business. The order book continued to be strong (24.9% y-o-y growth), indicating a solid sales pipeline for the coming quarters.
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