(Alliance News) - Ergomed PLC on Wednesday said it expects a double-digit rise in annual revenue and promoted Deputy Chief Financial Officer Jonathan Curtain to CFO with incumbent Richard Barfield to retire.

The Surrey, England-based pharmaceutical services company said revenue is expected to reach GBP145.3 million for 2022, up 23% from GBP118.6 million a year earlier.

Adjusted earnings before interest, tax, depreciation and amortisation for 2022 are expected to be in line with current market expectations. This reflects "strong operational performance delivered in both the existing clinical research and pharmacovigilance businesses and in the ADAMAS business acquired in February 2022".

The company said order book has grown strongly during 2022 to an expected total level of around GBP295.0 million, an increase of 23% from GBP239.7 million in 2021.

"The order book continues to highlight Ergomed's growing presence in its key markets as well as the resilience of the sectors in which it operates, and provides strong visibility of revenue for 2023 and later years," it added.

Chair Miroslav Reljanovic said: "Ergomed has delivered another year of operational and financial excellence, with strong revenue growth and adjusted Ebitda in line with market expectations."

Looking ahead, the firm said it has entered 2023 with a positive outlook, expecting to deliver excellent operational execution across the entire business.

In September last year, Ergomed had reported a 25% rise to GBP69.9 million for the first half of 2022, from GBP56.0 million. Pretax profit rose to GBP9.2 million from GBP8.3 million.

Separately, Ergomed said Chief Financial Officer Richard Barfield will retire on February 3, following which he will stop being a director. Barfield joined Ergomed in May 2019 as CFO. Last July, he decided to retire after reaching the age of 65, so he could spend more time with his family.

Deputy Chief Financial Officer Jonathan Curtain will take over as CFO and as an executive director of the board on the same date.

Curtain joined in November last year, having spent 13 years with contract research organisation business ICON PLC. Most recently at ICON, he was the senior vice president of Corporate & Commercial Finance.

Ergomed shares were down 3.4% at 1,264.00 pence each on Wednesday morning in London.

By Xindi Wei, Alliance News reporter

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