Updates

Ergomed

April 2022

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Ergomed delivered a strong performance in 2021 with sales up 37% to £124.7m within which revenues in North America were up 60% driven by the acquisition of Medsource in Dec 2020. That business went so well it brought forward the earnout so it could integrate it quicker. Adjusted ebitda was up 31% at £25.4m. Eps were also up markedly by 59% to 41.1p. In particular, Medsource electrified the CRO side where sales were up 85% to £58m (+26% ex Medsource) whilst the PV side was up 10% to £60.5m. A divisional mix shift - driven by pass through costs that go through CRO - meant gross margins were tempered slightly from 45.9% to 40.8% but this is of no concern. The closing order book was up 24% to a record high of £240m, underpinning this year’s ...

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Ergomed - Permira bids 1350p (September 2023)

Ergomed - 80%+ of this year’s forecast covered (September 2022)

Ergomed - Well set for an eps ‘beat’ (August 2022)

Ergomed - Buys specialist consultancy for £25.6m (March 2022)

Ergomed (October 2021)

Ergomed (May 2021)

Ergomed (January 2021)

Ergomed - "Hidden order bank" (October 2020)

Ergomed - Another big "beat" (August 2020)

Ergomed - Forecasts lifted again - by 5% (July 2020)

Ergomed - COVID-19 trial work underway (April 2020)

Ergomed - Earnings accretive deal (February 2020)

Ergomed - Taking a share in a winning streak (October 2019)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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