Although most of 2020 was challenging for the contract research outsourcing (CRO) sector, for Ergomed it was a transformative growth period due to well-balanced pharmacovigilance (PV) and CRO offerings. Ergomed managed to withstand global woes caused by the COVID-19 pandemic and delivered another solid year of growth, organically and through acquisitions. We believe the company will continue to benefit from a clear strategic focus (oncology, rare diseases and pharmacovigilance), order book growth and margin control and strong secular CRO sector growth. Our valuation of £683m or 1,400p/share is virtually unchanged.
