Venture Life Share News (VLG)

(Sharecast News) - Venture Life Group's shares soared on Thursday after the company reported double-digit annual profit and revenue growth following its acquisition of Dentyl.The self-care market specialist recorded a profit before tax of £0.7m for 2018, up from £0.1m the year before, after revenue increased by 17% to £18.8m as the brands segment's revenues increased by 50% to £6.6m following the £4.2m acquisition of the Dentyl oral care brand.Meanwhile, the Development & Manufacturing business, where the company manufactures products for third parties to be sold under their brands, reported a revenue increase of 5% to £12.1m.Throughout the year, Venture Life signed 16 international agreements with the addition of 11 new partners, while also launching five new products.Jerry Randall, chief executive of Venture Life, said: "I am delighted to report on a transformational year for Venture Life, in which we achieved double digit growth in both revenues and profits, as well as completing our largest equity raise to date. The equity raise in July last year allowed us to acquire the Dentyl brand, in line with our acquisition strategy, and moved us from a net debt to a net cash positon, providing additional cash for further brand acquisitions."The AIM traded company had cash and cash equivalents of £9.6m at the end of 2018, up from £1.4m at the same point the year before."Our core focus remains on expanding the business organically and acquisitively. Despite the challenging general market conditions, the Board is confident of achieving another year of substantial growth in 2019 and looks forward to updating the market in due course," said Randall.Venture Life Group's shares were up 12.77% at 43.98p at 1034 BST.