Good morning, ladies and gentlemen. Thank you very much for coming for our Half Year Results Presentation. It's going to be presented by Richard Barfield, our CFO, and Keith Byrne, Head of Investor Relations. Myself, I'm Miroslav Reljanović. I'm Executive Chairman and founder of Ergomed. Let me move to the first slide. Here are our presenters. We will have introduction delivered by myself, as part of presentation financial review by Richard, market overview, strategic developments and summary outlook. You know, we would be very open and happy to discuss and answer your questions after that. On the first slide, you know, we just remind you on our vision, which is developing and building up a company toward the global leadership in specialized pharmaceutical services. When we say specialized, we particularly mean on oncology and rare, which are highest unmet need as well as patient safety. On this slide, you have some key metrics of the business. Now that's Ergomed is a truly global business with 25 offices worldwide, with about 1,400 employees globally and we operate. We've done about nine acquisitions since IPO. We have important pie chart on this slide, which is basically showing that 2/3 of our business and our revenue is coming from North America, mainly United States, you know, while the rest is coming from Europe and the small proportion, 5% from Asia, mainly Japan, where we started successfully our pharmacovigilance business. On the next slide, we present our two divisions. One dealing with the clinical research, drug development with 25 years of track record, founded about 1997. Managing mostly in its history oncology. Since about almost 15 years, we've been one of the first movers in rare diseases, so we are pioneers of that research as well. We currently have about 1,500 active clinical sites, which means we have trials in about 1,500 hospitals around the globe, you know, in most of the countries where you could imagine having clinical trials. About half of the revenue is coming from clinical research and half from pharmacovigilance business at this stage of the business, yeah. On the other side, PrimeVigilance has been founded 2008 here in London. We got two times Queen's Award for this business. This is the leading independent pharmacovigilance business globally, basically, in this moment, very successfully competing with largest CROs as well as specialized providers in this kind of the business. We have a very educated and highly skilled workforce with 85% having life science, and it's also global business having capacities in U.S.A., in Europe, and in Asia, particularly Japan and India. On the next slide, we present you really strong, robust, and sustainable growth of the business since IPO. At IPO 2014, our revenue was slightly above GBP 20 million, you know, and the gross margin was about 27%, EBITDA GBP 2.8 million. As you see, we've been growing this business very strongly throughout these years, you know, mainly by organic growth and mainly smaller acquisitions, yeah. In 2020, we had two very strategic U.S. acquisitions, as you remember, and the CAGR was over 20% throughout all these years. You know, we've been growing EBITDA almost 10x since IPO 2014. We are very confident in continuing that growth. You know why? Because the market is really very big in oncology, rare diseases. This is half of all R&D market. Pharmacovigilance business, including compliance, where we entered as well this year, is growing with very high percentages, and we have a lot of space and room to grow in these markets on a global basis. Therefore, our outlook to the business is very optimistic, and we believe we can sustain this growth over next years. In fact, we see and feel the company as in the stage to develop much more in a truly global leadership position in our business areas. On the next slide, we just shortly present you ADAMAS acquisition, which happened in February. This is business specialized in compliance and quality assurance, very sophisticated consultancy business, the leading one in Europe and one of the leading worldwide. We expanded with this acquisition in Europe, particularly U.K., U.S.A., and APAC region, and further, you know, boosted innovate the growth of our CRO and PV business, supported these businesses by very sophisticated part of the business. Got about 100 clients, which is very important, yeah. Acquired the business for GBP 24 million cash out of our own cash generation. Up to now, we basically integrated the business, and it rates in line with expectations, yeah. We believe that we will get some further synergistic benefits of this business in years and time in front of us. Regarding the H1 overview, we have excellent financial performance, as you've seen, with the growth of 25%. EBITDA stays very high at 23%, and order book grew by almost 25%, obviously giving us a lot of visibility and confidence for business going forward in spite of all happenings in today's world. Regarding strategic execution, we are executing on our specialized business model. Our sales is really selling and driving the business toward oncology and rare, what you will see from some slides later in the presentation, as well as pharmacovigilance. We completed in the first half of the year ADAMAS acquisition, as mentioned earlier. We are debt-free, and we had cash about GBP 12 million at the end of H1 after we used our cash for ADAMAS acquisition. What is also important, we increased with HSBC our debt facilities from GBP 30 million to GBP 80 million, which is very, very important for business going forward and for any kind of future stability of the business. Regarding the people, we invested and we really put a lot of efforts in strengthening our operational leadership team, making the business even more robust, particularly with the acquisition in the United States, you know. As you can imagine, it's always challenging, you know, to integrate it in the business. Basically, we did a lot of infrastructure or strengthening on operational level, but also on a strategic executive level. In addition to that, we are very pleased and honored that we appointed two very experienced and very recognized non-executive board directors, John Dawson, ex-CEO of Oxford Biomedica, obviously extremely well-known in the U.K., as well as Anne Whitaker, who is one of really top executives in pharma business in United States, but so also she used to work in Europe quite a lot, yeah? With Anne and John, we got further strengthening of non-executive directors helping us leading and crafting the strategy going forward, yeah? Regarding the outlook, I think we've been showing over the last couple of years in COVID crisis, in this crisis, that we have really robust business model and business platform, yeah? We put a lot of efforts in to 2020 during the COVID crisis when we couldn't fly there and so on to acquire two U.S. businesses. The timing was good, you know, and it helped us dramatically in growing further that business and allowing us to having about 2/3 of our revenue from United States now. We believe that Ergomed is really well-positioned for faster organic growth and obviously augmented by very specific and strategic acquisitions. Thank you. Richard, please. Thank you, Miro. Good morning, everybody. I'm Richard Barfield, the Chief Financial Officer of Ergomed. I'm going to talk through the financial highlights for the first half of 2022. On this slide, we just have the highlights of the continued strong performance in the first half of 2022. You can see the total revenue was up 24.8% compared to the same period in 2021. While within that, the service fee revenue was up 25.6%. That's the revenue excluding pass-through costs. The adjusted EBITDA represents 23% of service fee revenue. In other words, we're converting of our service fee revenue, we're converting 23% to EBITDA. The cash flow was also strong over the first half of the year. We finished the first half with GBP 12 million in the bank, and that's after paying GBP 24.2 million for the acquisition of ADAMAS in February 2022. Our contracted order book was up 24.9%. On the following slides, I'll say a few more about each of those topics. This slide provides an overview of the group's financial performance in the first half of 2022. In the top left-hand side, you can see the highlights. Service fee revenue, as I just mentioned, was up 26%. In line with that, the gross profit was also up 26%. We improved our service fee gross margin from 48.2% to 48.4%. Our adjusted EBITDA was up 13.6%, and our adjusted basic earnings per share was up 21.4% to 20.4 pence. Over the next couple of slides, I'll go through the divisional analysis. As Miro mentioned earlier, we have two divisions, our CRO division and our pharmacovigilance division. This one is the highlights of the CRO business. The service fee revenue, again, looking at the top left-hand side of the slide here, just to focus on the highlights. The service fee revenue was up 29%, and the gross profit was up 27%. The gross margin overall improved by 30 basis points from 30.7% to 31%. The service fee gross margin within that was down 80 basis points. That minor decline reflects our continued strong growth in the U.S.A., where margins are slightly lower. Moving on to the pharmacovigilance business. In the first half of 2022, the service fee revenue was up 23% and the gross profit was up 25%. We saw an overall improvement in our service fee gross margin by 70 basis points, remaining within that range of 50%-52% that this business has traded at historically. A strong performance in both the CRO and the PV divisions over the first half of the year. Moving on now to our sales and our order book over the first half of the year. You can see that compared to the first half of 2021, our order book was up nearly 25%. Just since the beginning of this year, over the first six months of 2022, the order book was up 19%. It's worth just emphasizing and explaining that the order book is the value of all future contracted revenue streams from projects which are in progress across the group. That includes both in the PV business and in the CRO business. It gives us excellent visibility, and it is the platform for our future growth. What you can see on the right-hand side is just a graphic to just illustrate the fact that within our PV business, historically, when contracts reach their initial term or their extended term, 90% of the time they will renew. That extension beyond their term, we do not include in our order book. Although, of course, we have visibility to it because we have a high level of certainty and expectation that it will in fact occur. Then finally, to talk about the cash flow. Over the first half of the year, the operating cash flow was strong. You can see in the graphic that we generated GBP 12 million of operating cash flow. That's before working capital and tax and so on. That operating cash flow represents 87% of our adjusted EBITDA for the period. In other words, we're converting 87% of adjusted EBITDA to operating cash flow. We did have a significant outflow in the first half of the year on the acquisition of ADAMAS, GBP 24.2 million. We closed the first half with GBP 12 million in the bank. As Miro mentioned earlier, we also extended our debt facilities with HSBC. We now have in place a GBP 50 million RCF, a GBP 30 million accordion, and we have no drawings on those facilities and no debt at this time. That's a quick overview of the financial position, and I'll now hand over to Keith to talk through the market and the strategy. Thank you. Good morning. Thank you, Richard. Thank you, Miro. It's great to see so many familiar and some new faces here today and be back presenting again. I will briefly go through some slides. Some of them will look quite familiar to you, but I'll just pull out some of the key messages and then some also new messages that we'd like to give. You've seen a version of this slide before in previous presentations, and there's a couple of key messages which are very much worth pulling out on and focusing on. You can see on the top right of this slide, the markets that we operate in the CRO sector, combined and oncology CRO and rare disease CRO collectively are about a $20 billion market. That is close to half of the overall CRO market. The important distinction being, well, they are the specialist areas which we believe are growing faster than the overall CRO market. That's where, as you know, Ergomed focuses on its CRO business. A very large market with very attractive growth rates. Similarly, the PV market, the pharmacovigilance market, is also a significant market, about a $6 billion market. Again, with a very attractive growth rate of between 10%- 15%, depending on the market reports that you read. A big market also with a very attractive growth rate. In the recently entered GXP audit market, which was part of the ADAMAS acquisition, a slightly smaller market at $1 billion, but also showing a very strong growth rate. We believe that the markets that we operate in, not only are they attractive in their own right, but they're underpinned by very strong healthcare fundamentals and tailwinds which are outlined on the bottom of the slide. Really the message to take away from this slide is that there's a lot of white space in front of us. We think there's a huge opportunity in front of us. There's a lot of market to go for, and there's a lot of opportunity in front of us from an Ergomed perspective, both in our PV business and our CRO business. For us, that feels like a very compelling opportunity to grow both organically and inorganically into the future. Again, you've seen a version of this slide before. It's the CRO market opportunity slide, and it's important just to pick out where we play and who we compete against. On the left-hand side, we've highlighted some of the larger CROs that operate in this space. The names should be pretty familiar to everybody, ICON, IQVIA, et cetera. On the right-hand side is some of the mid-tier players, which we think is a bit more fragmented with about 10 or 15 players. A key point to pick out on is, and it's one that we consistently say, is that our specialism in oncology and rare diseases is what allows us to compete very strongly, not only in the mid-tier part of the market, but also in the larger tier part of the market against the bigger CROs. We have a long track record as a CRO, 25+ years. I'll come back to that in a moment. We have a very strong franchise in oncology and rare diseases, and that allows us to compete very effectively against both the large and the mid-tier CROs. We think will be continued consolidation as there has been in previous years. We are very ambitious. We think there's a great opportunity in front of us, as outlined on the previous market slide, and we have great ambitions in the future in this part of the market. In terms of our M&A track record, Miro has already outlined the ADAMAS acquisition, and Richard has outlined how strong our balance sheet is in terms of our available cash and debt facilities. We've done nine acquisitions since the IPO, and a few of those are listed on the bottom. I think what's important is just to pick out a couple of key highlights in terms of when we acquire businesses, the value that we add to those businesses. For example, on the Ashfield Pharmacovigilance business, which we acquired in January 2020, that brought us approximately 40 new clients. With those new clients, we were able to expand our the service offering for those clients across Europe, and in addition, expand our U.S. footprint in pharmacovigilance to offer our existing clients a stronger U.S. footprint. That's been a hugely successful acquisition since acquired from UDG in January 2020. Similarly on MedSource, acquired in December 2020, integrated very rapidly. That expanded what was a growing footprint in the US organically. It was a business focused on oncology CRO. That's really rapidly increased our U.S. presence and it opened up a wider aperture of RFP and opportunities for us to not only pitch for, but also win in the U.S. market. Moving on to the CRO strategic update. Again, I will reiterate the point it's been going for 25 years, and that is really important in terms of how we compete versus the larger CROs and the mid-tier CROs. We've a very established track record in terms of the sites that Miro mentioned that we've operated across with the number of trials that we've run over 25 years. That gives us a great platform in terms of patient recruitment, patient enrollment, and experience running clinical trials, which gives us very, very strong credibility when competing in the market versus other competitors. The focus, as we've said multiple times, as you can see on the right-hand side, is very much on oncology and rare diseases. On the topic of rare diseases, in 2020, we launched our Rare Disease Innovation Center. As you know, rare diseases impact over 300 million people across the world. We have a very strong franchise and specialism in this area. Running clinical trials for rare disease patients has many, many challenges which aren't evident in running a normal clinical trial. Our aim with the Rare Disease Innovation Center is really help sponsors, help patients reduce clinical timelines, bring products to market quicker, and increase the efficiency of running trials in rare diseases. I mentioned on the previous slide around the MedSource acquisition, really complementing the strong U.S. growth that we've seen in organically in the U.S. prior to that. On the PV side, as you know, we've a very strong, on the right-hand side, consistent and track record of high renewal rates with our existing clients. As Richard said on his previous slide, historically, 90%+ of clients renew once their contracts come to an end. What's really encouraging for us is that over the last 12 months, we've added 35 new clients. The vast majority of those clients are small, but that is not a bad thing because it gives us the opportunity to grow with those clients over time as we've done with previous clients in previous years. It's very important for us to continue to add to our client base because that, those clients stick with us and grow with us over time, really reinforcing the visibility and the recurring revenue that this business has. Additionally, we've said in our previous presentation, we've expanded our pharmacovigilance global presence, not only in the U.S. and E.U., but also opening an office in Japan earlier this year, which so far it's at early stages, but it's been very promising. From a technology perspective, we continue to invest in our infrastructure, technology, and digital transformation. There's some common themes across both the CRO and PV business in terms of some of the benefits, in terms of improving our service operation and our service delivery, trying to identify productivity improvements and efficiency gains, and indeed ensuring that we're offering best-in-class solutions for our clients. Specifically for our CRO business, some initiatives that we have there are trying to align our technology closer to our PV business, so over time that will open hopefully opportunities for further cross-selling. Of course, continuing to invest in our systems and processes to ensure that we give the best and the most optimal experience for our sponsors, our clients, our patients, our CROs, et cetera. On the PV side, as I think most of you know, up close to 50%, 40%-50% of the work done there is case processing. We're continually working with third-party vendors and indeed developing our own ASaPPV system to improve the automation of case processing. That offers benefits around not only process optimization, but efficiency gains for both us and our clients. Those are initiatives that will continue to go on throughout the rest of 2022 and 2023 and on an ongoing basis. My final slide is around sustainability and ESG. As you see on the bottom right, we have established an ESG committee led by Miro, our executive chairman, which will be responsible for setting, driving, and monitoring our ESG objectives across the organization. Miro has already mentioned that at a governance level, we've appointed John Dawson and Anne Whitaker to our boards, very experienced non-executive board members with very enviable track records, which will bring great additional experience to our boards to add to the board members that are already there. We've a very diverse workforce in terms of our male-female mix, in terms of our geographical presence. It doesn't say it on the slide, but I think across the workforce, 41 languages are spoken fluently, so an extremely diverse workforce across the group as well. Over time, I think you will see more from us on ESG in terms of initiatives and criteria that you will see rolled out. This is just the start for us, so there's more to come on the ESG slide. With that, I'll hand you back to Miro for some closing comments. Thank you. Thank you. We summarize our presentation with our investment case. Obviously, as you've seen, we had very strong financial performance in H1 and continued our growth, you know, which is really lasting for years now, as we know. Our order book is strong with 284 million of contracted future revenue with 25% growth from H1 last year. Our financial position is very strong and robust, you know, with cash generation from profitable business as well as GBP 80 million in new debt facilities. We have a very strong track record of strategic acquisitions and their integration and helping with those acquisitions, positioning our business in the market space. Particularly, I would stress recent acquisitions in the United States, you know, into 2020 when we really, you know, established our U.S. presence. Nobody is anymore asking in the States, you know, "Can you do the study in U.S.? Are you there?" and so on, yeah? There are not too many European companies. In fact, there are just few in the history of CRO business who have been able to really move from Europe to U.S. Usually, the trend is completely opposite, yeah? We've done it successfully. We are in the States, and we are winning a lot of business in both pharmacovigilance, clinical research, as well as compliance quality assurance in the States, and we integrated it well with our European and global business. We think this is a very good basis for really strong organic growth, you know? We think that market drivers and fundamentals are really on our side with very high growth in the areas of our specialty in clinical research as well as the areas of compliance and drug safety. This is our conclusion for this presentation. We are very open for your questions. Please. I'm Sam England from Berenberg. The first question, you obviously saw a pretty big step up in the order book growth in H1. Which therapeutic areas or geographies are driving that? Are there any sort of notably large contracts within that that you would call out? Can I take? Yeah. In fact, this is combination of USA and Europe. We are quite successful in executing new wins in both continents. That's really combination of both Europe and USA. Obviously there are some bigger wins, you know, in the area of oncology, particularly in the USA. Also we are experiencing more and more significant wins in Europe as well as in pharmacovigilance. What I would like to add as well, you know, that during this year we see clearly trend of winning but also bidding, you know. I would like to stress bidding against the largest CROs in the world. My personal view is that it's good to be in that company. I mean in CRO business. We've been in that kind of group of companies for a number of years in pharmacovigilance. We see that trend, particularly after U.S.A. acquisition and integration, that we are invited and we are bidding against the largest CROs for quite big late-stage studies, yeah? Obviously, sometimes we win, sometimes we lose, you know, but we are in the game, yeah? Great. The second question is just around the funding landscape. I was just wondering if you've seen any change at all throughout the first half or into the second half in terms of contract win momentum. Just, you know, how a tender or RFP volume's holding up across the market given, you know, some of the commentary around the funding landscape? No, the development of RFP is very healthy. It's growing quarter by quarter, yeah? We have board meetings at least quarterly, yeah? We have this metric. Basically the pipeline is growing. RFP in both CRO and pharmacovigilance business are growing, you know, during the year. Great. Thanks very much. Max. Hi, thanks for taking my questions. It's Max Herrmann from Stifel. Four questions if I may. Firstly, just in terms of the ADAMAS acquisition. I know you talk about GBP 4 million of revenue coming in the first half and about GBP 0.1 million of profit. I just wanted to understand whether, you know, what's the expectation there. I seem to expect a higher sort of profitability, but I don't know whether that's just a transition phase? That's my first question. Richard, please. Yes. In our presentation, after we made the ADAMAS acquisition, going back to February, we stated that, compared to a revenue performance in 2021 of GBP 8.5 million, we were expecting about a 15%-20% revenue uplift. We do expect to see the business go up to somewhere around GBP 10 million revenue for the year as a whole. Of course, for this year, we haven't got a full year of revenue because we've only owned the business since the middle of February, excuse me. Since the middle of February. We will have about 10 and a half months of revenue. We would certainly expect to see the revenue increase from the GBP 4 million that we have reported for those first four and a half months, and then we would have a full six months worth, plus some growth in the second half of the year. The business is trading in line with the expectations that we set and on which we based the acquisition back in February. As far as the profitability is concerned, it does tend to be weighted towards the second half because the pattern of the audits which are undertaken by the clients of ADAMAS tends to be more intense during the period, particularly August through November. We would expect to see and are forecasting to see a higher level of profitability. Overall, we said that the business would achieve a profitability of around 20%, and that is certainly our expectation for the year as a whole. It's performing very well. It's doing what we expected it to do. It's bringing other benefits to the group as a whole in terms of the breadth of our service offering. It's meeting all of the criteria that we set at the time of the acquisition. The integration is going well. It's a very strategic acquisition. We've been very disciplined in our approach. The metrics around the acquisition were pretty compelling and is certainly playing out in the way that we expected it to do. Right. Thanks. That probably takes me to what was gonna be my fourth question, but it will be my second one now. Which is just in terms of the phasing of the first half and the second half. Obviously, you've had a very strong first half performance. You're pretty much halfway to where the market is expecting you to be for the full year. You've talked about the proportion of your business coming from the US. We've obviously seen a very significant depreciation of sterling over the last few weeks, if not longer as well. So that's obviously gonna be a tailwind for the business in the second half. You've just talked about the ADAMAS profitability picking up in the second half, so I'm just interested in terms of how you see phasing first half, second half? Well, I think looking forward at the present time is pretty difficult. You know, the world is a difficult and complicated place at the moment, and there are some huge things going on from a macroeconomic and geopolitical perspective, as we all know. I think for us to start speculating about what the future may hold doesn't seem to me to be particularly helpful. You know, we've been quite clear about our performance. We've been quite detailed about the information that we've given over the first half of the year. We're maintaining our outlook for the year as a whole at this time. You know, we're not at this stage in the business of changing our outlook or adjusting our forecasts. There is a lot that we need to do. There is, you know, these are quite challenging times. We've shown, I think, quite consistently that we can manage the business and achieve the targets that we've set for ourselves. We feel quite comfortable with the position where it is now. Just the last couple of questions. One is on kind of the potential for a larger CRO contract. Obviously, the potential when you're competing against the likes of IQVIA or Syneos, these contracts can be very significant. Is that what you see now as the business grows in the CRO space? I'm just interested, what's your largest ever kind of CRO contract been and what opportunities do you see out there in terms of, you know, where contracts you could compete with? I mean, obviously you're in oncology, but you know, in terms of contract size. Then the final question I'll just add on is just the Rare Disease Innovation Center. Can you give us a little bit more detail about how that operates 'cause, you know, just to understand that a bit better. Yeah. Okay. Thank you, Max. As I mentioned, you know, we are coming, particularly this year. I see the competition for the bigger contracts, you know, particularly obviously in the area of oncology and rare large phase two, even larger phase three trials, yeah. Regarding the biggest contracts we had up to now, in fact, realistically talking have been in the area of co-development, and you've been our analyst, you know, where we did the range of $30 million-$40 million, even plus millions, yeah, dollars. We as a company have experience of the delivery of such big contracts, yeah. We are very confident that we can deliver any contract, very complex, very high price contract. Yeah, the question is really how to win those contracts, but, you know, the pricing, the prices, and the complexity of trials is increasing every year. The contract 10 years ago and now is almost double higher priced, you know, in the market. There is, you know, the clinical research business is very sophisticated, very demanding, very complex business and very expensive business. We are very confident in delivery. We are competing on those large contracts and we are quite confident that we are going to win some of them, yeah. I think business is definitely going in this direction, yeah. Also, the transition from co-development to service business model has been done, I think tremendously well over the last couple of years because, you know, quite a lot of our revenue was co-development revenue, and we ought to fill in that revenue with the new pure service revenue, yeah. Therefore, the growth of pure service business is much higher than it's presented here in CRO business. We are well-positioned for the growth. We are among a couple of leading medium CROs, you know, competing with six, seven large CROs. This is a pretty exclusive group of maybe dozen of CROs in the world, you know, transatlantic, I would say, yeah. Sorry, what was your second question? Just on the Rare Disease Innovation Center. Rare Disease Innovation Center™. This is fantastic initiative, led by our executive position in the States, obviously supported by a number of other key people in the company. This is initiative about bringing the know-how in different elements from drug development, positioning of the development, feasibility, as well as execution of rare or ultra-rare diseases, you know. That's very broad initiative also including bringing the clinical trial to the patient home. You know, this is the trend which is definitely happening, and we want to be on the forefront of this development. This Rare Disease Innovation Center™ is scientific consultancy but also operational initiative to make efficient and fast, you know, drug development in rare diseases, yeah. Basically make it also. It's very important also from ESG point of view, from equality point of view, to make clinical trial and drug development of new drugs, you know, accessible to as many as possible patients in the world, yeah. All right. Thank you. Thanks, Max. I've got just one question really, guys. On the underlying drivers of pharmacovigilance, and if you were able to touch on kind of outsourcing dynamics, any new regulations that are coming in to more pharmacovigilance in light of Zantac and opioids and things like that. And then sort of competitive dynamics within pharmacovigilance as well. Thank you. So one question, three parts. I can take if you like. Regarding pharmacovigilance, the demand is there, you know. I cannot say that there are more and more demand. You know, demand is very high, you know, in pharmacovigilance field in transatlantic context. The trend is over the last 10, 15 years that the companies are handing over their pharmacovigilance capacities to service providers, you know. This is the trend we see over the last 20 years. In addition, there are more and more countries, you know, which are really implementing in their regulatory requirement pharmacovigilance, which have been just theoretical. Most of the world, this is just part of the law or requirement which is not executed operationally. We see the countries like China, like some other countries, you know, Latin America and so on, who are implementing every year, you know. This trend is really strengthening and becoming more demanding, you know. This is a big driver of pharmacovigilance business, that just regulations are coming in practice, you know. These are really the two main drivers, you know. Therefore, we think that this Japanese initiative, not being significant now revenue-wise, but being very strategic, and that's growing, you know. It's pretty unbelievable that we have been able to create a Japanese team, you know, leadership, execution, everything in COVID, not being able to travel there, you know. That's unbelievable achievement from our pharmacovigilance team. Obviously, we have ambition to grow the business in Japan much more, but also in China, you know, in the region, you know, through PrimeVigilance brand. We think that this is going to be very, very interesting and a significant driver of the business over the next five years, yeah. Maybe just to add, Miro is on the competitors space, Paul. It's Yeah. As I said in my slide, it's quite a big market, but it's quite fragmented as well. Obviously, the big CROs play in this space. Yeah. Their PV service offering is often integrated with their CRO offering. As you know, our PrimeVigilance business is a separate, independent business. There is a long tail of smaller operators in the market, and it's very fragmented, which may only be in one geography or in one specific. Quite small. You do see a lot of those out there as well. I think in terms of an independent standalone business, our PrimeVigilance business is certainly one of the bigger players out there, and with a strong focus on post-launch, post-approval drugs, is a very strong franchise there. One final point, Paul, sorry. The global nature is very, very important too as well. Having a global, like I mentioned it with the Ashfield PV business, that's very, very helpful as well. Thank you. Just one follow-up then. Any sign that sort of other healthcare type providers other than the pharma companies might be interested in being customers? I'm thinking insurers, public health, just to better monitor safety where it's not necessarily poacher kind of assessing with paying the gamekeeper? Do you mean that is there anybody else than pharma or plus clients being the- Yeah. I mean, pharma paying you to do. Yeah. Their pharmacovigilance is obviously not always optimal. Sorry, I still don't get- A different client base, Paul, as in insurers and other regulators as clients rather than just pharma companies looking to do a broader, yeah. This is the most realistic clients are pharma clients. Currently, while we are sitting now happening, the largest congress of pharma industry. I think in Netherlands or somewhere. This is our really client pool really. Pharma companies having products on the market and having regulatory requirement of proper pharmacovigilance system. If they don't have it properly done, you know, their products can be withdrawn from the market. It's very serious. It's like auditing business in a way, you know, in financial market. There are opportunities potentially, and we are working and we have been working, helping some governments or ministries or, you know, those kind of organizations, you know, to help them developing their pharmacovigilance infrastructure. There is opportunity like that. They are not going to be very financially lucrative, that's for sure, yeah. But they can be very interesting strategically regarding the positioning of the company, yeah. I can't disclose any such project in this moment. We've been discussing, we are discussing. It's not easy to get in that position, but we are the company who can talk on that level, yeah. We can talk on that level with even countries, yeah. Perfect. Thank you Hi. Good morning. I am Miles Dixon from Peel Hunt. I think there's just one left for me, and that's about returning to the order book. A very impressive order book growth of nearly 25%. How much longer can that continue without you becoming capacity constrained? And is that really now a big driver behind the M&A strategy? Okay, I can talk about capacity, yeah. Mm-hmm. Regarding pharmacovigilance, we proved that we could grow the capacity very efficiently for a number of years, yeah. Mm-hmm. We are opening new markets, you know. I think we're in four markets, yeah. We can move out of Europe, and we have some establishments in India particularly. We can move also somewhere else, you know. Regarding that, you know, we have a very good track record, yeah. Regarding CRO, that's very flexible market, yeah. That is very exciting part of CRO business because we have infrastructure who does this revenue, what you see now, yeah. Literally, if speaking, if we would get quite bigger revenue, we could manage it because infrastructure is strong and we subcontract for a number of years, you know, about 15 CROs, you know, worldwide. We have, in our presentation, if you look, you know, there are about 300-400 subcontractors. They're mainly from CRO. They are not from PV business. You don't have subcontractors in PV. These are our employees. These 300-400 subcontractors, they account for maybe 100 FTEs. Just enlarging their participation can bring us to a few hundred more FTEs, you know, needed for the trial. Basically, CRO business has a huge flexibility and can absorb, you know, quite a bigger amount of work, you know, than we do now, depending on really sales success. Great. Thank you. If I could just follow up then. You talked about the complexity of the trials. Yeah. Is it disproportionately changing for you relative to your competitors? Are you finding yourself doing much faster, more complicated work than everybody else? You see, the trial is a trial, you know. The trial has the same principle GCP, ICH, you know, in nineties and now. There are no changes there, you know. The complexity comes from some, let's say, remote monitoring, you know, new technologies, quite a lot of electronic data capture, you know, which is happening on different levels. Technology is coming very strongly there. It was always complex, you know. With this in addition becomes even more complex. At the end of the day, you know, there is always one key deliverable there, and this is a patient recruitment, yeah. We are always dealing with the patient recruitment, being more or less successful. Ergomed company, in 25 years of its history, has been focused on real deliverable. Deliverable in clinical research is what? Is a valuable patient per protocol. That's deliverable. Not how many sites we have, how many hospitals, how many monitoring visits, how many this, how many teleconferences. At the end of the day, this needs to be compliant from any regulatory point of view and a valuable patient per protocol. That was always Ergomed focus. That's the way how we develop our position in the market. Being specialized and having really focus and know-how on bringing the patients in a trial. That's what any sponsor really likes to see. Thanks very much. Hi. Soo Romanoff from Edison. Nice quarter. Nice performance here. I think a lot of my questions have been answered already, but you had some impressive growth in Europe on the CRO business. I wonder if there's anything you can add to that. Does that help quite a bit to the mix? Does that mix help on the margins there? A mix in what sense, sorry, the growth in Europe? You know, I know the European business in the CRO is kind of smaller than the U.S. business, but I believe the margins are a little better. Yeah. Okay. That's a good point. Yeah. The margins, gross margins are lower in United States, you know, when you do operational business, yeah. They are higher in Europe. The good position Ergomed has is now that, you know, we are winning the business which has U.S. and European part of the business in most cases. You know, I don't say we don't have any trial, which is US only. We have those trials as well. Yeah. Most of our business is transatlantic basically, yeah, or even global. We have a mix of margins. Yeah. In U.S., the margins are lower. The turnover is also higher in U.S.A. than in Europe. In Europe, the margins are higher and lower turnover rate as well. Yeah. That's that. You know, I think this mix is very helpful. Yeah. Thank you. Yeah. Also what was presented, I think it really has to be stressed, you know. I personally find it very, very attractive, you know, that over the last half a year, you know, we opened up, you know, four European company entities, you know. Spain, France, Romania. Romania, Italy, last year, Bulgaria. We are not just, you know, acquiring the business, you know, because we could go and acquire Spanish business with 25 employees, you know. We have Portuguese entity as well, you know. In each of these countries, we employ 15, 20, 25, 10, and so on. It shows that the company can grow also organically, which is very healthy, in my opinion. This combination. Morning. It's Kane Slutzkin from Numis. Part of this have been asked already, but just inflationary pressures, if we can just chat about them. I mean, wage is obviously a big- Yeah. Portion of your business. Maybe you can just take us through what you're seeing across geographies, what you're budgeting for, you know, inflationary clauses you may have in some of the contracts? Thanks. Sure. Sure. Well, yes, we do. We feel inflationary pressures like any other business. The largest or most significant area where that occurs is relative to salaries, which represents the largest part of our total overhead, and cost of sales expenditure. There are two or three things that we do to manage that and to mitigate it. Firstly, in our contracts with our clients, we do have clauses where we are able, on an annual basis, to look at our underlying costs, to look at the inflationary pressures that we're feeling, and to pass those on to our clients. We generally do that. We discuss it with our clients. We explain the situation to them, and by and large, we're able to enforce that. As far as our salaries are concerned, we have measures in place to manage our salaries. We have budgets in place. We allocate those budgets to heads of department. We have an annual salary round. We do try as far as we can to hold the managers to those budgets. It's not always easy. We want to make sure that our people are properly paid. We want to make sure that if they're feeling the pinch from the cost of living and so on, that we're sensitive to that. At the same time, we manage as best we can. Historically, we've been able to do that and to achieve our targets and keep our costs within the ranges that we have set from a budgetary perspective. Those are really the key things that we do. You know, at this stage, obviously with inflationary pressures potentially increasing, but then again, going forward, looking at other things that are going on, they could start to come down again. It's something that we'll remain very focused on and manage it to the best of our ability. So far, we're not seeing, and I think the proof of the pudding is in the gross margins that we're reporting here. Those would seem to indicate that we're actually managing the situation pretty well. I'm conscious of everybody's time, so I might just see if there's any questions on the webcast or the phone line. Thank you. If you would like to ask a question, please press star one. We already have a question on the queue, and the first question is coming from Charles Weston from RBC. Charles, please go ahead. Hello. Thanks for taking the question. Two, if I may. The first is, following Max's question, with regard to your H1, H2 phasing. You were sort of reticent to provide too much more detail given the macro uncertainties. Presumably, you have a very good understanding of your Q3 trading, given we're at the end of Q3 now. I would imagine that your order book and visibility into Q4 is high. Is there anything that you've seen so far in Q3 or you're anticipating in Q4 that is worth calling out that might change the growth trend that you're seeing? We have not been able to hear you. Could you repeat? We are very sorry. Yeah. Is this any clearer? Yeah. Yes. It's good now. Sorry. Sorry about that. Very quickly to summarize that, if you already know your Q3 trading because we're at the end of Q3, and you have probably good visibility into Q4, is there anything we should be aware of in terms of any unusual trading that you might expect in Q3 and Q4 that would change the growth trend that we're seeing? Well, I'm not sure that I can add much to what I said in response to Max's question earlier. You know, we've always taken the approach that we're gonna be very prudent and conservative and cautious about how we manage the business. At this stage, for us to say anything more or different about our expectations for the future seems a little unwise. I don't think there's any value in really saying that things are changing with everything else that's happening. As far as Q3 is concerned, I mean, we can't really talk about the current financial period because, you know, it's under wraps, so to speak. We're not really seeing anything at this stage that's any different. The business is continuing to trade as we expect it to. There's no reason for us to change our position on where we are or where the business is heading. As I said, you know, we'll continue to be cautious and prudent and conservative about how we manage things, which seems to be the sensible and rational thing to do in the current circumstances. Okay. My second question is, notwithstanding the increasing complexity you mentioned about clinical trials, are larger clinical trials typically lower margin when you're competing against some of the large players? No, no, they are not. No. The answer is very simple, no. In fact, the larger trials, it's easier to gain some margins on larger trials due to efficiency and size and things like that. Okay, thank you. Thank you. The next question is coming from Colin Grant from Davy. Colin, please go ahead. Yeah, good morning, everybody. Many thanks for doing the call and taking questions. I just want to deal with selling general and admin expenses in the P&L line, which increased year-on-year. I just wondered, does this relate to some of the investments that you called out in terms of technology and hiring leaders and expanding your kind of management team? I'm just wondering if you could sort of give us a flavor as to what's gone into that and what benefits might come from investments you're making in that area, and how we should think about kind of modeling the growth in that particular line item in the P&L going forward. Thank you. Thank you. Yeah. I think the place to start in answering that question is to say that we're not seeing anything in the numbers that we're reporting that are any different to, you know, what was expected and what was already in the models. The level of EBITDA as a percentage of revenue that we're producing is in line with what the market was expecting. The investments that we're making on the back of our growth are again in line with what the market was expecting. Our feeling is that currently with a 25% revenue growth, we are obviously taking market share, and we have the opportunity to continue to invest and build a business. That's exactly what we're doing. As Miro was saying earlier, we are growing and investing organically, so we're opening subsidiaries in a number of countries within Europe. We've recently expanded into Japan. That geographic expansion and the opening up of new operations organically is part of what we're investing in. We've also spoken about strengthening our leadership team and hiring into senior leadership roles to ensure that as the business continues to expand, we've got the people in place who are able to manage the larger business and manage the growth and support the increasing size of the business. Finally, as Keith was talking about, we're also investing in automation. Automation is a very significant trend in our industry, as I think everybody knows, accelerated by the advent of COVID-19. We're also investing in that. We're producing a very satisfactory level of EBITDA at 23% of service fee revenue. We're producing the numbers which are in line with what the market was expecting, and we're investing in the way that we have previously said we would. We're basically doing what we've said we were going to do, and we're investing and building the business. Great. Thanks, Richard. Thank you. There are no further questions, so I will now hand back to Miroslav Reljanović for closing remarks. Thank you very much. I would like to thank all guests in the room, as well as those who have been with us virtually. Thank you very much for your attendance. Thank you very much for your questions, and looking forward to see you in half a year. Thank you.