LONDON (Alliance News) - Venn Life Sciences Holdings PLC said on Thursday its loss for 2017 widened due to higher impairments on fixed asset investments, as well as lower revenue for the year.
The drug development and clinical trial management company reported a pretax loss of EUR1.7 million, widened from EUR913,000, due to an impairments on investments in associates as well as the share of losses in Integument PLC.
This was on revenue that dipped to EUR17.4 million from EUR17.9 million the prior year.
Venn Life Sciences said that during the year it completed a strategic review of growth options for the business, concluding that it would be better to leverage its current infrastructure by growing the business, and is currently looking at inorganic opportunities to extend its foot print and services lines.
"We continue to see an increasing number of opportunities that require the full range of services now on offer in Venn. Continued strong investment in the biotech sector and the clear emergence of virtual drug companies both represent a significant opportunity for Venn. Our size, flexibility, deep expertise and breadth of service capability leaves us well positioned to benefit from this shift in the drug development landscape," said Chief Executive Officer Tony Richardson.
Shares in Venn Life Sciences were up 1.4% at 7.30 pence on Thursday.
