Good morning, ladies and gentlemen. I would like to welcome you to Ergomed preliminary results presentation. I am very pleased to have us all in the room after two years. It's very exciting for all of us, I believe, yeah. It's great that we can meet, sit, and discuss together. I have with me our colleagues, Richard Barfield, who is our Chief Financial Officer, who's going to be presenting. I'm very sorry. Richard Barfield, who is our Chief Financial Officer, whom you know very well, and Keith Byrne, our Head of Capital Markets and Strategy who joined us recently and used to have that position at UDG before. Coming to the next slide. I would like to remind you on our vision of building up a global leadership company in the specialized areas of pharmaceutical services, meaning here primarily on clinical research in the area of orphan drug development and oncology as well as patient safety. The next slide, we have a short description of the services. One division is dealing with clinical research services. We are about 25 years in this business during this year. We are specializing in oncology and rare diseases, very focused in that, and we execute the trials globally in the areas of phase I to phase IV. The other part of business, very significant one, started 2008 under the brand name PrimeVigilance, focusing on pharmacovigilance. This is a leading transatlantic pharmacovigilance business, employing almost 1,000 people. In fact, to be more specific, about 850 in this moment, dealing with the safety aspects of the drugs which are in the development or which are on the market. Very important, very regulated part of the business, which is needed to any pharmaceutical industry and any developer. We have offices in particular this business in U.S., U.K., Europe, and we opened recently, in fact last year, office in Japan. The next slide represent a platform which is truly global one. With 25 offices worldwide, we operate in about 140 countries. We do clinical trials where we report our cases or safety cases to those countries. We employ more than 1,400 employees end of last year. At this moment it sits over 1,500. We have active clinical trials in more than 1,500 hospitals all across the globe. Most of that we've done with our own resources, but we also subcontract about 350 staff. Regarding the revenue split, does it work this point? Okay. Regarding the revenue split, you see that 63% of revenue comes from North America, most of it is United States, about 30% from Europe, and rest is rest of the world. This slide shows us a very strong growth record starting from IPO and being about 20% year-on-year. In addition to that, we wanted to present our growth in profit, gross profit, Adjusted EBITDA, and adjusted EPS over the last 3 years. Why last 3 years? Because we made a strategic decision in 2018 to focus fully on service business model. Before that, we've been entertaining co-development, share risk model, and service business model. Since we focus fully in the service business model, you see that we grew very substantially in gross profit, in Adjusted EBITDA, as well as particularly in EPS. Regarding the results and our outlook and summary, you know, we present really excellent financial results with revenue growing 37% last year, Adjusted EBITDA over 30%. Regarding strategic execution, we executed very clearly in our focus areas, in sales, in revenue, in all aspects, also in operational performance. We accelerated the integration of MedSource, specialized CRO, which we acquired in the United States, in December 2020. We fully integrated the business in summer last year, about half a year prior than planned, which is obviously good. We completed in the beginning of this year acquisition of ADAMAS, and you'll get some more information later about that, which is compliance, regulatory business supporting both divisions. Regarding the financial position, obviously it's strong. You know, we have a strong cash flow generation, and we have robust balance sheet. I want to stress that we acquired basically last three businesses, Ashfield PV in January 2020, MedSource in end of 2020, and now ADAMAS basically with cash which we generated in the company, which is really great record obviously. I would also like to stress our people, yeah. Basically we've done really fantastic strengthening of our management team and executive management team, particularly United States. We became quite an attractive company after acquisitions in the U.S. in the area of pharmacovigilance, but also clinical research services. We could not imagine that people with that CV and that credibility in the market would be working with us, you know. Just having infrastructure in the States and showing the activity there, you know, we attracted leading people now in rare diseases, in oncology, in commercial business, in operational management. Our operational and leading operational management team strengthened really significantly last year, which is the best basis for any future growth as well as acquisitions, yeah. Also we strengthened very much our board. You know, we got two appointments last year from the States. Mark Enyedy, who used to be head of corporate development of Shire, you know, who used to be one of key people in Genzyme, and now he is CEO of ImmunoGen. And Lou Katt, who has a huge track record of biotech development for, you know, 30+ years, yeah. The latest appointment is John Dawson, former CEO of Oxford Biomedica. We are very pleased having somebody with that credibility and experience sitting on our board and helping us here in London. Last point here is, you know, what is our outlook. Our outlook to the future is very positive, yeah. We base it on a proven, robust business model. You know, this business model managed the business even through pandemic, you know. You know, over the last 2 years, we've been growing, yeah. In spite of that, it was obviously very, very stressful for like in any other business, you know, but model is obviously, you know, robust enough, strong enough to stand it, yeah. We managed to, even in pandemic, you know, to execute on the strategy to build up to make a really strong foundation in the U.S., which is important for the growth obviously. We are in the area of the business which is very well positioned, which has the highest growth in clinical research and also pharmacovigilance, you know, with ADAMAS being compliance regulatory business, we are in a very attractive areas of the growth of the business. This is my short introduction. I would like to ask now Richard Barfield to present us financial slides. Sorry. Good morning, everybody. Nice to see everybody. I'm going to go through a few financial slides here, and provide a bit more information than we did in our trading update on January 25. The numbers are in line with what we said on January 25, but obviously a bit more detail now. In particular, we go into more detail about the gross margin and the EBITDA, where we came in ahead of market expectations. This slide is really just by way of introduction, just giving the headlines of our numbers for the year. Revenue's up 37%. Service fee revenue up 28%. We're growing strongly in North America, as Miro just mentioned, so we're up 60%. Our adjusted EBITDA was up 31% year-on-year, and we finished the year with GBP 31.2 million of net cash in the bank. Overall, another strong set of numbers, and we're continuing with our excellent financial performance. I'll move on to the next slide. This goes into more detail about some of the headline numbers from both profit and loss and a balance sheet perspective. Our total revenue was GBP 118.6 million, up 37%. We did have some FX headwinds, and so if you restate that in constant currency, the growth was 44.3%. Gross profit was up 22%, or 29.5% in constant currency. On the gross margin from 2020 at 45.9% to 2021, it went down to 40.8%. I'll explain over the next few slides what the drivers are for that, but it's primarily an issue of mix and increased pass-through revenues. You'll see that the underlying service fee gross margin has continued to be very strong. Our Adjusted EBITDA was up 31.2%. We grew our cash by 64.5%. I'll go into more detail about the order book. Just tell you at this point that it was up 24.2%. This is the book of contracted future revenue on our clinical trials and our pharmacovigilance contracts. Retained earnings was up 30%, and our earnings per share was up 59.3%. As I said, overall, a strong set of numbers. Just on the next couple of slides, I'm gonna go into a bit more detail about the service fee revenues and the margins. Starting on the left-hand side here, we're talking about Ergomed Clinical Research. This is the CRO business. You can see that, the revenues, overall were up from GBP 23.7 million to GBP 39.9 million. Up 68% or 79% in constant currency. This reflects the acquisition of MedSource, where we had a full year of revenues as compared to only three weeks of revenues in 2020. I think it's worth focusing, also on the underlying legacy Ergomed CRO business, where the revenues went up 18% or 24% in constant currency. That signals a strong growth performance from our legacy CRO business over 2021. On the right-hand side of the chart, you can see the PrimeVigilance numbers, where the revenue went up from GBP 54.6 million to GBP 60.1 million. That's an increase of 10%. In constant currency, that was 14%. I'll just make the point here that 2020 benefited from some COVID-related increase in case volume numbers. What we're seeing in 2021 is a return to a more normal level of performance and growth from the PrimeVigilance business. Now to go into a little bit more detail about gross margin, because the decline in gross margin, as we saw on the earlier slide, from 45.9% to 40.8%, is explained over the next couple of charts. On the left-hand side here, one of the important factors is to do with the mix of the CRO and PV businesses. The CRO business, as we know, runs at a lower gross margin level, in part because it includes pass-through revenue, which is at zero gross margin. You can see on the chart that CRO increased from being 36% of our revenues to 49% of our revenues. It's that mix change which accounts for about 3.2 percentage points of the 5.1 reduction from 2020 to 2021. On the right-hand side, there's another mix factor which also comes into play, which is within the CRO business, how much of that business is pass-through. This accounts for about 1.1 of the 5.1 movement in the margin. You can see that the proportion of pass-through revenue increased from 24% to 32%. Now, from a gross profit and from an EBITDA perspective, we are somewhat indifferent to this. There is no margin on the pass-through revenue. We have to report it as total revenue under IFRS 15, but it doesn't affect the absolute amount of gross margin, or indeed the service fee gross margin that we are generating. On the next slide, I give a bit more detail about that particular point. Here you can see the service fee gross profit and margin. I think it's worth perhaps starting just with the absolute numbers here, because you can see that, as a company, the total amount of gross profit that we're generating has gone from GBP 39.7 million to GBP 48.4 million. That's a 22% increase in our service fee gross profit. Overall, the gross margin on service fee has gone from 50.6% to 48.1%. Looking at the PrimeVigilance business, the margin that we have generated in 2021 of 51.3% is a strong gross margin. For this business operating in this market, that's a very good gross margin, and it's in line with historically what we have produced as a company. On the clinical research business, the gross margin declined from 46.3% to 43.3%, in part through the acquisition of the MedSource business, but also in part because we are investing in the CRO business for the future growth of the business. We're investing in anticipation of the increased revenue that we expect to see coming through. As I mentioned earlier, we've already seen an 18% increase in 2021 or 24% in constant currency. Overall, the gross profit picture, once you exclude the effects of the change in the mix, the amount of pass-through revenue and also a small constant currency effect, the underlying gross margin picture of 50.6% going to 48.1% remains a strong and healthy picture. I'll now move on to the sales and order book. Really, when I think about what we're saying on this chart, this has got as much to do with 2022 as it has with 2021. On the left-hand side, you can see that our sales awards grew by 40% year-on-year, and that's on the back of a 42% increase in the prior year. The result of that can be seen on the right-hand side of the chart, where the contracted order book has grown by 24%. We finished the year with GBP 240 million. That's the starting position as we go into 2022. It's a very strong position for us to go into the new year and gives us a high level of visibility of the order of 80%-85% of the revenues that we expect to make during 2022. A very important factor in the growth, following up on what Miro said just a few moments ago, has been the strengthening of our platform in the USA. Now, that's been a key factor in terms of the scale, the size, and the amount of the new business that we have won in 2021. I'll finish off with some comments about our cash flow. As we've seen in prior years, our cash flow conversion is very strong. You can see clearly on this chart that of a GBP 25.4 million Adjusted EBITDA, we have generated GBP 22.3 million in operating cash flow. That's a cash flow conversion of 88%. If you add back the earn-out consideration, which is the accelerated earn-out consideration on the MedSource acquisition, that figure comes to about GBP 25 million, which tells you that we're putting almost 100% of our EBITDA onto the cash flow in 2021. That's a very strong cash performance. We closed the year with GBP 31.2 million of net cash. I will end there and hand over to Keith Byrne, who's gonna talk about the market overview and the strategic developments. Thank you, Richard. Thank you, Miro. Nice to see everybody here in the room face to face. I'm gonna take you through a quick update on the market overview, and indeed, the strategic developments that we've seen over the last 12-15 months within Ergomed. This slide on the market overview is a slide that you've seen before, but it's important to remember it to remind everybody of some of the key points within this, and just highlighting the sectors and the areas of the market that we're looking to play in and that we do play in. If you think about this slide in 3 levels, in the top left and the middle left, you're sort of seeing the overall dynamic within the healthcare market. You could pick a number of different metrics here, but basically, the tone is very positive macro underpins in terms of the healthcare market, whatever metrics that you use. Taking it down to the next level in terms of the overall global CRO market, it's anything from a $40 billion-$45 billion market with a healthy growth rate also of about 6%, as you all know. The really important part is on the right-hand side of this slide, and these are the areas that we operate in. If you look at the top two on the top right, the oncology CRO and rare disease CRO, that accounts for close to half of the CRO market. More important than that is if you look at the growth rates within both of those, it's close to 10% combined for each of those. We are operating in the higher growth segments of the CRO market, which is about half of the market. It's a really important point. Beyond that as well, obviously within the PV market, about a $5 billion market, as you can see there. That's growing at a very healthy rate of mid-teens growth rates. We're in very well positioned in that market as well. Finally, with a similar growth rate in the GXP audit market, you can see a 16% growth rate there. That's the market that we entered as part of the ADAMAS acquisition. Really important to take away really strong underpins in the global healthcare market, but we are operating and focused in the higher growth segments of the market. Moving on to the next slide just to look at the sort of the competitive landscape and where Ergomed sits within that competitive landscape. Again, a slide you're familiar with, but an important slide to reiterate and remind everybody of. At the top, you've got the large CROs. $1 billion + in revenues, give or take, primarily U.S. listed PPD, IQVIA, ICON, etc. They generally deal with the mid-tier part of the market, which is a bit more fragmented. We estimate anything between 10-15 companies there. What's really significant from an Ergomed perspective, and I mentioned in a previous slide, is our specialism in oncology and rare diseases is what leads us to compete very strongly, not only in the mid-tier part of the market, but also to penetrate and compete in the larger part. against the larger CROs in the market as well with that specialism, expertise, and track record that we have in oncology and rare diseases. Then the final point on this slide to make is just the consolidation ongoing. That's happening in the top level of the market and indeed the mid-tier of the market. You've seen ICON and PRA coming together. A number of consolidation activity on M&A in the mid-tier part of the market. We think there'll be further consolidation in the market over the coming years. We have a very strong ambition to be the leading player in the mid-tier part of the market. The opportunity is there, and without doubt, the ambition is there within Ergomed to become that leading mid-tier CRO. A part of that on the next slide is just on M&A. A part of the execution of our strategy and will continue to be in future years is the M&A. We've had a very good track record in M&A. We've done 9 acquisitions since the IPO in 2014. 6 of them are listed on the left-hand side of the slide there, some of the bigger transactions that we've done. Over the last 2 years, as Miro and Richard have mentioned, we've done 3 acquisitions, the Ashfield PV business, MedSource, and ADAMAS. All of those acquisitions have performed very well since we've acquired them. They've been integrated very well so far. What's really important is that discipline that we've had with those 3 acquisitions in terms of the multiples that we've paid, how we've integrated them, is something that we've experienced and have a track record in. We've got the balance sheet to continue to do more M&A, which will complement the really strong organic growth profile that the business has, as Richard touched on in this year's presentation, as you've all seen in previous presentations. Plenty of capacity for further M&A as we go. Moving on to the next slide, the acquisition of ADAMAS in February 2022. ADAMAS, as Miro said, a regulatory compliance and consulting business specializing in the auditing of pharmaceutical manufacturing processes and indeed the auditing of clinical trials and pharmacovigilance systems. It's a business that will continue to operate independently, while very complementary to our two existing platforms, that will, for reasons that we outlined in February 2022, continue to operate as an independent business within the Ergomed platform. We've only owned the business for 6-7 weeks at this stage, but the early signs are very, very good. We think it really will be a positive contributor to the overall growth of the Ergomed story in the coming years. There's further opportunities to expand that business as well in the coming years. A very nice platform. Again, a reason, we think a reasonable multiple paid for that business given the growth profile of that business. Moving on to some strategic updates within the Ergomed CRO over the last 12 or so months. Ergomed CRO was actually established in 1997. Miro was reminding me yesterday, so it's 25 years old this year, which really just shows the track record and the experience that the business has in the CRO market of 25 years of operating. What's most important on this slide, and I've said it a couple of times, I'll say it again, the focus on oncology and rare diseases, and you can see it in the pie chart on the left-hand side. All but 6% of new business wins in 2021 were in oncology rare diseases. That strategic focus that we've had continues to be prevalent in 2021 and will continue to be as we head into 2022. As Miro said, the business performed very strongly, a very robust business model, came through COVID very strongly with very minimal impact. As you saw at the interim results presented in September 2021, we accelerated the integration of the MedSource business which was acquired in December 2020. We branded the business, integrated the business development, et cetera. That's really given us a really strong platform in the CRO market in the U.S. with the platform that has given us. Really great developments over the last 12 months and plenty of ambition to keep growing that in particular with the U.S. platform. From a technology perspective, as you know, Ergomed CRO is very well-positioned. As a technology driven business, we continue to invest. There's a lot on this slide, I know, but we continue to invest in our infrastructure, our technology and our digital capabilities over the last couple of years, and we'll continue to do that in future years. Really with a focus on improving our service operations, our service delivery, and indeed making sure we're delivering to our clients as efficiently and seamlessly as possible. As you know, over the last 12-18 months, there's been quite some evolutions within the CRO market in terms of virtual trials, remote monitoring, virtual consenting, et cetera. That's been a big part of the business that the Ergomed CRO with these investments has been very agile at being able to adapt to in a very agile manner. It's been quite seamless for us to adapt to those new trends given the infrastructure investments that we've made and the technology investments we've made. We're very well positioned to continue to play and operate with those trends coming at us. As I say, there's quite a lot of detail in here, but what I say on the top right, the actions that we've made, just investments in quality control, resource management, and just making sure our capabilities are fully embedded in terms of oversight, trial management, et cetera, and just trying to improve the efficiency of the overall model. Then in 2022, more of the same to some degree, looking at the strategic partnerships that we have, making sure we're working with best in class, they're fit for purpose for us delivering the most efficient and best in class service for our clients on the CRO side. We continue to integrate our systems as best we can. Make the trial experience as efficient and seamless for participants in the trial, for all stakeholders, be they patients, investigators, hospitals, et cetera, and just make the whole CRO trial experience as seamless as possible. Of course, trying to drive further cross-selling and integration between the CRO business and the PV business and making cross-selling more seamless. We've embedded our integrated business development and we're embedding more, technology integration between the two businesses as well to help drive that. On the PV business, as you know, there is an increase in global requirement for PV services. There's global harmonization of processes and rules across the globe. That has a really big driver in the double-digit growth rate that you saw me refer to in one of the earlier slides. That led us to open our Tokyo office, as Miro mentioned earlier on, during the year 2021, and it's now fully staffed. I think we have approximately 10 people in that office. That's been a really good platform for us to develop our business further in Asia. Ashfield PV is obviously a couple of years since we acquired it, but it's no harm to note how well it's been integrated, how well it's performed, and the platform that that's given us in the US. The chart on the right-hand slide is a chart that Richard's presented and developed before. It's a really important slide just to show how strong the retention rates and the renewal rates are within the PV business. 90%-95% renewal rates that we see in that part of the business are really sticky platform. Once you get a client on board, renewal rates are high and that client tends to stick with you through the years and indeed grow from that base that they started with. On my final slide before I just hand back to Miro to do a summary and we open up to Q&A, is just on the digital transformation within our PV business. As you probably know, close to 50% of PV activity is case processing, which can be quite repetitive and there is just opportunities for automation. That's something we invest in internally via our ASAP PV technology infrastructure and indeed using third-party vendors as well. That's an ongoing process to invest in automation, process optimization and efficiency. It's something we did prior to 2021, we've done in 2021, and we will continue to make inroads on in 2022. Of course, those you know, when you have case processing, you really focus on making that process as simple and seamless and efficient as it can be end-to-end. Automation is part of that, but it's also fully integrating your technology as well. All of that started in 2021. We continue to do that in 2022, making sure we have the right strategic partnerships and the technology side to work with to help us deliver that, as well as continuing to deepen the service integration with your CRO business, which you saw on the CRO side as well to drive further cross-selling and that opportunity is there. With that, I'll hand back to Miro to summarize the presentation. Thank you. Thank you very much, Keith. The summary slide basically repeats what you've learned during the presentation about excellent financial performance with a growth of over 30% in revenue and EBITDA. Also our longstanding track record, you know, on consistent double-digit growth. I would like to say that we are very committed to organic growth. We see acquisitions as a strategic support for the organic growth, but our commitment is, you know, running the business which has very strong organic growth, you know. As I mentioned before, we have, as well as Keith, you know, positive market fundamentals are here in the areas of business we operate, the fastest-growing areas in pharmaceutical services. I really believe we have an excellent track record in strategic execution on M&A side, multiple acquisitions, integrations and accelerating that, particularly in the United States over the last few years. As well as being focused, you know, in the areas of our expertise, in specialty, you know, which create a competitive advantage, you know, to compete with anybody, even the largest CROs, yeah. U.S. platform was very critical. Some of you who have been following us closely over the last, let's say two, three years, we've been stating very clearly two years ago, we want to establish stronger in the U.S. U.S. is a key market, you know. 50% of all clinical trials start in the U.S., you know. Most of funding is coming to the United States. Clients are there. It's very important to be recognized as U.S. players. Now, I can assure you, Ergomed as a company is recognized, accepted as US player. There are no questions, you know, are you here? Do you have resources? And so on, yeah. This question is out, you know. We are in much better commercial position than we've been before, and we have also operational platform to execute, yeah. That was very important achievement over the last two years. Managing it in Corona was, believe me, pretty dramatically difficult. You know, acquiring the business, not being able to meet people, to travel there, you know, and manage it, you know. I think our operational team particularly did a fantastic job, you know. Then attracted these people who are very senior ones, and also attracting them by not meeting them via Teams and so on, you know. That's pretty amazing, you know. We have really proper US platform to grow further, obviously. We would be interested to acquire some more businesses in the U.S. It's a key market, but business is good even now, yeah. Regarding financial position, Richard explained very well our very strong financial position from cash generation to balance sheet. Our business model, we like to stress, is really robust and is the best basis for the future growth, you know. Acquisitions are coming on top of that in a very disciplined way, you know, very strategic, you know, and with accretive multiples. Thank you very much. We are open for the questions. Morning. Hi, it's Stefan Hamill from Numis. For me at the moment, I guess the standout sort of nugget information there in the presentation was the sort of mix of new business wins. They're looking like it's about 95% oncology, rare disease, which, you know, to me looks fantastic because that's a really fast-growing area of the market. I guess it raises two questions. The first is just around exposure to biotech and biotech financing. You know, potentially having peaked in 2021. There has been some mention of sort of RFP slowdowns early in the year. What are you guys seeing in those types of customers? Thank you, Stefan, for the question. Yeah, there is always the question of biotech dependency in the pipeline and so on, yeah. We are aware that oncology, rare diseases development is very much biotech area of research, you know. Doesn't mean that big pharma or mid-sized pharma is not working there, but the biotech dominates, yeah. You know, our business is not so big enough that we cannot find enough clients, you know, throughout the world, you know. But in Europe, for example. We've been very active in the United States last year, you know, but this year we are going to have even stronger accent in Europe. You know, we are centering our sales force. Basically in contrast to what was communicated, particularly with some CROs like Medpace, you know, we don't see that trend at all, you know. We just see, in fact, acceleration of RFP requesting in our BD pipeline, yeah. That's let's say answer regarding this. Sorry, what was the second question? Yes. I mean, that was my first question. Yeah. That's encouraging. I guess the second Yeah. key thing from that really is if you think about oncology, rare disease. Yeah, yeah. Yeah. These are the areas that have been hit by COVID in terms of sort of reduced hospital visits, et cetera. Yeah. Actually, is there some potential acceleration post pandemic in those areas? I would argue about being hit by the pandemic, particularly rare diseases, you know, or even oncology, you know. They've been hit less because the treatment of oncology patients or rare diseases, which are usually very severe diseases, have been less affected than diabetes or hypertension, you know, et cetera, and other areas of research, yeah. I think this is the area which has a growth of 10%, you know, and I wouldn't like to exaggerate that it will be even higher, you know. I think it's very attractive growth, and I think it will continue like that. You know, we are monitoring some other areas also which might have a very attractive growth. You see, we are very much focused on growth in specialty and unmet medical needs, you know. I think that these areas of research will grow. This is, you know, what we like to say, this is half of the market, yeah. We specialize in half of the market and we don't see any real issue with less requests. In fact, we get more requests than before, yeah. Okay. Thank you. Thanks. Hi, it's Charles Weston from RBC. Three questions, please. First of all, a numbers question. What is the organic gross profit growth in the CRO business? Give me a moment. Sure. If you can move on to your next question. Yeah. Give me a second. I'll find that for you. Sure. Second question is on the strategy side. You've obviously got some cross-selling ability to cross-sell between the two divisions. I'm wondering whether there's any strategic advantage or you've considered any strategic advantage of moving into another service area that would be adjacent like MedComms or preclinical research or something like that across the, you know, the breadth of pharmaceutical services. Yeah. Yeah. We've been obviously evaluating these opportunities throughout the years, you know. As you see, we stayed focused in these areas which work well, you know. Rare and oncology work well because half of rare diseases are oncology. Oncology is going very much towards obviously personalized medicine and targeted therapies, which is the nature of rare disease or orphan drug development, yeah. Also cross-selling is working pretty well between pharmacovigilance and CRO business in these areas, yeah. This year we make some very significant incentives, you know, and new investments in cross-selling, so I expect it to work even better, you know. Particularly with stronger USA part of the business. You know, we evaluate the market all the time. Market is dynamic. You know, you see what has happened with COVID, you know. How much investment came in, you know, virology, infectious diseases, you know. We evaluate this market as well, you know. Not this market, but generally market, you know. For the time being, you know, we think we have quite a lot of maneuver space in this area, especially where we operate, yeah. Okay, thank you. The third question. On the virtual CRO you mentioned, the disruption from technology, I suppose, in the CRO space. Given that there are a number of you know emerging specialists in this field that you know seem to have taken some market share, certainly some PR share. Given that some of the smaller companies probably can't invest as much in the virtual services, how do you fit there? You talked about having made some investments, but actually there, you know, do you need to make more investments? Do you need to buy a specialist? Are the big companies going to be able to outspend you? Yeah. This is very important question. You know, COVID crisis obviously pushed that story of virtual clinical trials, yeah. What I was also talking to Keith yesterday, explaining, you know, that a lot of technology was available in fact, yeah. Like remote monitoring, or the best example is virtual consenting, you know. Consenting the patient virtually was not possible. Regulators have not been approving it before the crisis last year, you know. Now, you can consent the patient which is at home. She or he doesn't need to come to the hospital and sign the form, you know. It just eases life a lot, you know, particularly to the patients, you know, who are ill and, you know. You can do a lot of virtual stuff now. In the management of clinical trials, it is a great advancement, you know, that we can do remote monitoring. We don't need to send a monitor to spend a couple of days in a hospital, going around, looking where are nurses, where are doctors and so on, yeah. Because most of hospitals who run clinical trials have electronic case report forms, you know. Which is electronic source where you can access the source data. And case report form, part of clinical research, are electronic as well. Basically, you can do most of the work, you know, from the office, and then going to the hospital for some very specific stuff, like drug accountability and so on. This has also moved a lot, yeah. Feasibility as well. There were a lot of advances there. Basically, it's not an issue of just developing technology. I personally think the bigger issue is adopting the technology which is available. It's not possible by any company, you know. We have a huge advantage because we've been developing over 20 years, site management model, you know, supporting the sites. Supporting them with electronic case report forms, you know. Supporting the patient coming to the hospital, going home, you know, concierge service. We've done it before we knew that it's called concierge services, yeah, and so on. This all becomes very modern, very demanding, you know. Basically, us having a site management with about 400 or 500 nurses across Europe and MENA and so on, we can deploy those nurses from the hospital to the patient home. The whole issue is how to manage as much as possible clinical trials at patient home. This is fantastic development which has happened, you know, that patient can stay at home during the clinical trials, you know, don't need to come every time to the hospital, you know, and then wait, and this and that and so on, yeah? Ergomed is well-positioned from its model point of view. Also, you know, we are investing a lot of new technologies. just want to answer your question of buying, acquiring technologies, training people in these technologies, as well as contemplate and plan, in fact, some investment in specific technologies, you know, which might be beneficial in addition to what is available on the market, yeah. Very much technology driven, yeah, focused. Sorry, Max. No. Sorry. Let me just answer the question. You can derive this if you work your way through these numbers. We don't call it out separately in the report. If you look at page 13, you can see that the legacy CRO revenues went up by 18% on a reported basis and 24% on a constant currency basis. You can also see on slide 15 that the £11 million of gross profit that CRO reported in 2020 was at a 46.3% margin. On a constant currency basis, that gross margin, this is within the legacy business excluding MedSource, that gross margin went from 46.3% to 44.3% on a reported basis. On a constant currency basis, it went from 46.3% to 46.1%. It was stable from year to year, constant currency, service fee only legacy CRO. Perfect. Okay? Yep. Thank you. Hi, good morning. Miles Dixon from Peel Hunt. Just two questions if I can. Keith, you talked about the 25-year-old CRO business. I'm looking at the order book growth, which is, you know, nothing short of incredible really given the wider market dynamics. How much of that is about the differentiated offering that you have versus a change in behaviors of your customers? Are they becoming stickier? Do they come to you earlier? Is the fallout rate less? Second question, the outlook statement was encouraging. Is there anything around the geographies particularly that's encouraging in early 2022? What do you mean by geography encouraging? Is one geography looking particularly strong relative to others that surprised you, for instance? Yeah. U.S. looks very strong, yeah. Yeah, a lot of big leads are coming from USA, yeah? I personally don't see any big change in dynamic. You know, there were always biotech companies, and okay, we had a few very difficult dynamic 2009, 2010, 2011, 2012. You know, that was pretty dramatic in biotech sector. We all know that, yeah? Fortunately, this crisis in fact even brought more money in biotech development, which would sustain that development for next couple years for sure, you know? Yeah, USA is extremely growth. You know, we see that Europe is picking up, which is very important, yeah? Obviously we are observing what's going to happen in Asia, yeah? We stay very interested strategically in Asia and with this particular deal, you know, we plan to go to Asia hopefully soon, yeah, when it's getting open. I think, you know, the growth which happened in Asia, in China was unbelievable, you know, compared to anything else seen before, yeah? Obviously now it's slowed down. You know, we know that it is slowed down, but I think Asia is going to play important role in R&D growth in the future, you know, after some consolidation, yeah? Therefore, for us geographically, yeah, I don't want to say we managed to save. We need to grow much more in USA than we are now, you know, to be realistic. The beauty of the current situation is nobody's asking us when we come and pitch for a business, you know, "Are you in the USA?" You know? We are. You know, we just moved that. We can talk about experience, track record and this and that, but not, "Are you in the USA?" That's a big move, yeah? We want to grow it. This is very important. Also Asia is the most complex. You know, Asia Pac is the most complex to approach, and in effect the only way to do it is through acquisitions in CRO space. You know, you just can't grow it, you know. We tried it some years ago and it worked, you know. While PV, you know, I'm very optimistic about growth of PV organically. Obviously it doesn't help, you know, if you open office in Japan, employ people and we cannot go there, we cannot meet the people, we cannot meet the clients, yeah? Also China is potentially fantastic market for pharmacovigilance because this market will grow dramatically there. We think we can grow pharmacovigilance organically, you know, but CRO we would need to go for some acquisitions and it's going to be. It's not easy, you know? We are very focused in that, yeah. The CRO growth was much further ahead of the wider market relative to PV. Would you expect PV then to catch up now from where we are? That's a very important point, you know. In fact, PV has been growing in 20 organically about 30%. We've been starting the year from the very high level and part of that high growth was due to influx of more than usual cases due to COVID. It's better to look, you know, the growth of 2020 and 2021, you know. When you compare, you see that we are still on about 20% growth, you know. There was effect of currency, which was pretty dramatic, you know. With constant currency adjustments, we are at 14%, but really in the end, you can look at the information. We've been growing 30% organically this quarter. When you combine it, you see that's in fact very attractive, you know, and we are very optimistic of further PV growth. Is that right? Yeah. Max, yeah. Just a quick question on the order book and for PV, 'cause if I recall correctly, the sort of PV business isn't really as much order driven as repeat. You mentioned that 95% retention rate. Just wonder how you know, is the when you talk about the order book, is that primarily focused on the CRO business? And how do you view the sort of growth, you know, how do you get a view for the growth of the PV business? Maybe you can ask to Richard Barfield on order book and then second part of the question. Just to be really clear on this, the order book includes both CRO and PV. With CRO, it's the rollout of all of the future activity on all of the clinical trials that we have contracted for with our clients, the sponsors. On pharmacovigilance, it's the delivery of all of the future contracted pharmacovigilance services, which again are on long-term contracts, which as we've said have a very high level of renewal and repeat. Typically 90%-95% of the time when they come to their normal term or even their extended term, then they roll over into the future. On both of those order books, there is the high degree of visibility because both of them are on long-term contracts. As I said, on pharmacovigilance, they have a very high renewal rate. That's what's going on with the order book. It includes both PV and CRO future committed contracted revenues. Yeah. I mean, the prospect of growth. You know, last year we had a really fantastic, we call it new sales, much higher than earlier years, you know. New sales is new kind of services from existing clients and completely new clients, yeah. So we've been pushing very much that sales, you know, which is in addition to renewals, you know, what you mentioned earlier, yeah. We see very clear trends and that this is going well in that direction. We are strengthening our pharmacovigilance team, sales team, particularly in Europe. We think we can do even quite better in Europe, yeah, because we are the strongest player. You know, we are always invited, yeah. We are very much focusing on new sales, you know, particularly new clients now in a classical more maybe CRO way, you know, than we've been doing before, yeah. Makes sense. I think we can take some questions from the conference line if there is any at this stage. Ladies and gentlemen, we will now begin the question- and- answer session from the phone line. To ask a question on the phone line, please press star and one. As a reminder, participants can submit written questions on the webcast page using the Ask a Question button. This will be addressed after the event. We'll pause for a moment to assemble the queue. To ask a question on the phone line, please press star one. Thank you. There are no questions on the conference line. Now I will hand back over to Miroslav Reljanović for closing remarks. Before closing remarks, Stefan would like to ask last question. I, One more just- Take the microphone, yeah. It's Stefan from Numis. Just one more from me. Just on the M&A outlook and 'cause you've recently done ADAMAS. Yeah. Could you just comment on the balance sheet headroom as it stands now and what's the overall M&A emphasis as we sit here today? Well, I'll comment on the balance sheet and perhaps hand over to my colleagues to talk about the emphasis and the focus. We finished the year with GBP 31.2 million of net cash. We used about GBP 25 million for the acquisition of ADAMAS. On a net cash basis with some cash generation since the beginning of the year, we're currently running in the sort of GBP 8-10 million pound mark, and we're expecting that to increase on a regular basis. As I said earlier. We put a large part, most of our EBITDA to cash. We're generating about, on average, something in the range of GBP 2 million per month Adjusted EBITDA. You know, that translates to cash. We expect to see our cash balances continue to increase as we go through the year. We have the opportunity with the level of EBITDA that we're now generating to put in a debt facility, something in the range of 2, perhaps 2.5 x our Adjusted EBITDA. That would get us to something like GBP 50 million-GBP 60 million debt facility to support acquisitions on top of the cash that we're generating internally. Then, obviously, depending on the type of opportunity come That comes along, given the strength of our Adjusted EBITDA, given the strength of our order book and the visibility of future revenues, and the very strong financial platform that we have, there are undoubtedly other opportunities for raising finance if we want to do something on a larger scale. We have plenty of firepower, and that could be applied both to the smaller deals. What we're seeing as we look at the acquisitions that we've done over the past couple of years is they're increasing in scale. Ashfield was $10 million. MedSource was about $22 million. We've just completed the ADAMAS acquisition, which was net GBP 24.2 million. We're seeing an increase in the scale and the size of the deals that we're doing. There are undoubtedly going to be opportunities, and we feel that we've got a very broad range of financing capability that would enable us to look at opportunities, both large and small, to rapidly increase the size of our business. What's the sort of strategic emphasis now post ADAMAS then? Yeah. Yeah. The strategic emphasis is a few areas. You know, one is specialized services, yeah. Anything which fits to our specialized approach is interesting for us, maybe smaller or bigger. You know, believe me, it's not so easy to find such kind of services. The other area is, I'm talking about clinical research. The other area is pharmacovigilance, medical information, compliance business now, like ADAMAS, yeah. This area also not easy to get the targets. When the target really gets mature for the acquisition, we need to move on, you know. The third one is geography, you know, and geography is only Asia Pac, yeah. 'Cause as is mentioned before, in America, we are kind of now settled, yeah. These are. I just want to say maybe at the end, you know, we are perceived, you know, by the different participants, you know, more and more, and we perceive ourselves like having really fantastic platform now, yeah. Because that's a mix, that's a combination of pharmacovigilance compliance business, which is very stable business, repeated and so on, and also very expandable business of clinical research, you know. It's much more acquisition opportunities, you know, and very high growth. This creates really an excellent platform for building a quite bigger company than we are now, yeah. Thank you very much. Yeah. Okay. Regarding final conclusions, so I would like to thank you very much for your questions, for your attendance. I would like to thank my colleagues for the presentation and hope to see you soon. Thank you very much. Thank you.